Sunday, 23 October 2016
Last updated 1 day ago
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.