Hedge fund Man Group has announced a management shake-up after chief executive Manny Roman was poached by Pimco.
Roman has been replaced as chief executive by Luke Ellis, who was previously president of the firm and started in his new role yesterday.
As part of the shake-up, Jonathan Sorrell’s role of president will be expanded – taking on direct responsibility for sales, corporate strategy, M&A, private markets and fund of funds business Man FRM.
Sorrell will relinquish his role as chief financial officer, with Mark Jones, who is currently co-chief executive of discretionary fund manager Man GLG, taking his place. Jones is also set to become executive director of Man Group, though both of his appointments are subject to regulatory approval.
Meanwhile, Sandy Rattray has been appointed chief investment officer of Man Group, assuming responsibility for Man AHL, Man Numeric, Man GLG and Man Solutions. He will remain chief executive of quantitative investment manager Man AHL.
Robyn Grew has been appointed to the newly created position of chief administrative officer of Man Group.
Commenting on the shake-up, analysts at Credit Suisse said:
Overall, we think these look like sensible alterations to the Group’s management structure, which should help to tie-in key employees following the CEO change. In particular, we think the retention of and expanded role for Jonathan Sorrell is important. He was already fulfilling an extended remit as CFO – hence his promotion to co-President in June – and this change will allow him to focus all of his time on the group’s strategic and commercial development, particularly now that the heavy lifting on costs is well-embedded.
[It] was a natural time to review our management structure. The firm has changed a great deal in the past few years and, with my own role also changing, it made sense to look at the way we are organised and where different responsibilities should lie.
From a strategic and operational viewpoint, very little will change and we will continue in a ‘business as usual’ manner as the changes are implemented as seamlessly as possible.
Shares were up 0.7 per cent, at 112.3p, in lunchtime trading.