Management reshuffle at Man Group

City A.M. Reporter
Embattled hedge fund firm Man Group today sacked its finance chief in a management reshuffle designed to regain investor confidence and reverse poor performance at its flagship fund.

Kevin Hayes is to leave the firm immediately and will be replaced by Jonathan Sorrell, son of WPP chief Sir Martin Sorrell and formerly Man's head of strategy and corporate finance.

Man's shares have plunged by almost 70 per cent in a year, dropping out of the FTSE 100 in the process.