Man Group shake up begins as Ellis moves in to be president
EMMANUEL ROMAN, the incoming boss of Man Group, has already begun making changes at the hedge fund ahead of officially taking the reins next week, appointing former colleague Luke Ellis as president of the company amid a raft of changes to the company’s executive leadership.
Ellis, a big hitter once tipped to take the top spot at Man, will be formally named as president when Roman starts on 28 February, but has already taken up the mantle and now oversees the investment activities of all three Man divisions, its fund of fund business Financial Risk Management (FRM), hedge fund GLG Partners and quant strategy ALM, which comprises its biggest fund AHL.
Ellis and Roman worked together at GLG before the hedge fund, co-founded by Pierre LaGrange, was snapped up Man Group in a 2010 mega deal.
As part of a series of changes that will see GLG employees move into more senior roles at Man when Roman takes over from departing boss Peter Clarke, AHL has been merged with Man Systematic Strategies (MSS). Man is also understood to be mulling plans to rename the unit.
AHL chief executive Tim Wong has been moved on to become executive chairman of the fund he founded, with GLG’s Sandy Rattray stepping up to become chief executive.
Chief operating officer at GLG Mark Jones has also been made co-chief executive of the unit along with Teun Johnston. The changes mark an acceleration in moves to show the market the firm is turning the business around following poorer than expected performance over the year.
At the start of January it appointed figures from global bond manager Pimco to help direct its GLG unit ahead of plans for fresh fund launches. Markets cheered the changes yesterday and sent the firm’s stock up 1.86 per cent in trading to close at 109.6p.