The former president of FTSE 250-listed hedge fund Man Group Jonathan Sorrell is joining hedge fund Capstone.
Sorrell, son of former WPP boss Sir Martin Sorrell, stepped down as an executive director of Man Group in September.
He had been at Man Group since 2011 when he joined as chief financial officer. Previously, he had worked as an investment manager at Goldman Sachs.
Sorrell will join Capstone as president in January. The move was first reported by the Financial Times which quoted a letter sent to investors by its founder Paul Britton.
“Jonathan will help lead strategic initiatives and business development,” the letter said. “We are excited to add such a seasoned executive with strong ties to the hedge fund industry and significant relevant experience in the world of finance.”
Man Group’s chair, former BT boss Lord Livingston of Parkhead, is also set to resign from the FTSE 250 firm at the end of this year, leaving just three years after taking on the role.
Ex-Deutsche Bank chief executive and independent non-executive director John Cryan is to take on the role of chair from the beginning of next year.
Capstone is a New York hedge fund with $6bn (£4.6bn) under management which was founded by British former options trader Britton.