Prudential Nabs Ex-Man Head

Aug 14 2008 | 10:53am ET

Insurance giant Prudential has picked former Man Group executive Harvey McGrath to serve as its next chairman.

McGrath spent almost three decades at Man, which is the word's largest listed hedge fund firm, eventually serving as chief executive and then, until his retirement last year, chairman. He joined the firm as treasurer in 1980, helping build the firm from a small sugar-trading operation into a giant alternative investments firm. He also served as finance director and head of brokerage Man Financial.

McGrath will join Pru’s board on Sept. 1, and will takeover for outgoing chairman David Clementi in January.

According to The Times of London, McGrath was the venerable insurer’s second choice. Pru had reportedly hoped to nab Winfried Bischoff for the post, but Bischoff took the executive chairmanship at Citigroup.

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