Sunday, 2 August 2015
Last updated 1 day ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…