Ex-Man Chief McGrath Out At Pru

Dec 21 2011 | 2:07am ET

Former Man Group chief Harvey McGrath has resigned from insurance giant Prudential following a failed acquisition bid.

McGrath will retire next year, pending the selection of his successor as chairman of the company. While people close to McGrath say the exit, after three years at the helm, was his own decision, it comes after Pru abandoned a US$35 billion takeover bid for Asian insurer AIA. The aborted effort cost Pru some £377 million.

In May, about one in five shareholders opposed McGrath's reelection as chairman.

McGrath served as chairman of Man until his retirement in 2007, after almost 30 years at the hedge fund. He also served as chief executive.

In Depth

Related-Company Fees: Normal Industry Practice or Conflicted Compensation?

Nov 11 2015 | 4:23pm ET

Regulatory agencies as well as investors are increasingly exploring whether certain...


Ferrari Roars in Wall Street Debut

Oct 21 2015 | 4:28pm ET

Shares of supercar maker Ferrari jumped as much as 15 percent to a high of nearly...

Guest Contributor

Private Debt - What is the Opportunity?

Nov 11 2015 | 3:28pm ET

In this contributed article, Rob Allard, founding partner of Firebreak Capital...


Editor's Note

    Oct 21 2015 | 10:41am ET

    One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…