Friday, 26 August 2016
Last updated 1 hour ago
Feb 19 2013 | 9:32am ET
Former GLG Partners executive Emmanuel Roman plans to waste no time in reshaping the Man Group when he takes the reins as CEO at the end of the month.
Roman plans to nearly double the size of Man's management committee and to hold weekly meetings of it, as opposed to its monthly get-togethers under current CEO Peter Clarke. Roman will also place a number of confidants and GLG veterans in top roles at Man, whose share price has slumped badly as it endured outflows and poor performance.
Former GLG adviser Luke Ellis, currently head of Man's FRM fund of funds business, will become president of the company, overseeing FRM, GLG and Man's flagship AHL strategy, which has struggled in recent years. Sanday Rattray, who worked with Roman at both Goldman Sachs and GLG, will become CEO of AHL, succeeding Tim Wong, who will be named chairman. Two other GLG veterans, Mark Jones and Simon White, will be named to the management committee, as well, the former as co-CEO of GLG and the latter as head of operations and technology.
Roman is still seeking a new head of sales, who will serve on the committee, while the firm's general counsel no longer will, the Financial Times reports.
"The new executive committee will be a cohesive body with an uncompromising focus on delivering performance for investors and shareholders," Man said in an internal memorandum to senior staff.
There will be changes to Man's lower rungs, as well, with Roman expected to seek a number of hires for AHL as he attempts to turn the unit around.
Roman was named Clarke's heir in December. He joined Man in 2010 when the world's largest publicly-listed hedge fund acquired GLG.