Man CEO To Quit, GLG's Roman Will Take Over

Dec 10 2012 | 11:03am ET

Man Group CEO Peter Clarke will step down early next year and hand the reins at the world's largest publicly-listed hedge fund to former GLG Partners executive Emmanuel Roman.

Clarke will retire after 20 years at Man at the end of February. He's led the firm since 2007, and leaves the helm after a difficult couple of years. Man has suffered outflows for five straight quarters, its stock price has halved and its flagship AHL strategy has continued to suffer from poor performance and remains well below its high water-mark.

Roman acknowledged that he faces "tough times for the asset management industry" when he takes over.

Roman joined Man in 2010, when the larger firm bought the smaller, and was named its first chief operating officer. He came to GLG in 2005 after a long career at Goldman Sachs.

"Peter has put in place an excellent management team around him and has led this phase of the re-positioning of the business," Man Chairman Jon Aisbitt said. "I am delighted to say that Manny Roman's dedication to Man and commitment to delivering performance for investors makes him the ideal candidate to take over from Peter."

"We have also built an excellent team of senior management," Clarke added. "Manny Roman has been a key part of our progress and has been working closely with me for the past two years. He is an excellent leader for the business and I am delighted that he will be taking over from me to continue the work of building on the strong position of Man in our industry."

Clarke will work with Roman on the transition until his February departure.

Clarke served as head of corporate finance and corporate affairs, finance director and deputy group CEO before succeeding Stanley Fink in the top job. He joined Man in 1993.


In Depth

David Yarrow On Growing His Hedge Fund And Shooting The Animals And People Of Africa - As A Photographer

Jul 23 2014 | 6:44am ET

While he’s always been a photographer, recent expeditions to Iceland, Ethiopia...

Lifestyle

Einhorns Busts At WSOP, Finishes In 173rd

Jul 15 2014 | 10:48am ET

Greenlight Capital founder David Einhorn’s World Series of Poker won’t end at...

Guest Contributor

The Truth About Track Record Portability

Jul 24 2014 | 5:55am ET

The number of private funds converting to mutual funds has increased significantly...

 

Sponsored Content

    Northern Trust Helps Hedge Funds Navigate Derivatives Regulations

    Jul 8 2014 | 10:48am ET

    The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…

Publisher's Note