Sat, Apr 21, 2018
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Industry Updates

Peter Clarke to step down from role as CEO of Man Group

Monday, December 10, 2012
Opalesque Industry Update - Man Group announced that Peter Clarke, Chief Executive, has advised the company of his intention to retire as Chief Executive and to step down from the Board on 28 February 2013. Following a rigorous evaluation process conducted by the Board, which involved an assessment of external as well as internal candidates, Peter will be succeeded as Chief Executive by Emmanuel (“Manny”) Roman, currently President and Chief Operating Officer.

Peter Clarke, CEO, said: “It has been a great privilege to have been at Man for nearly twenty years. During that time I have been proud to have played a part in Man's transformation from a commodities trader and futures broker into one of the world's leading alternative asset managers. Despite the very tough trading conditions since 2008, Man has developed three strong pillars of investment expertise, namely AHL, FRM and GLG, while also remaining in robust financial strength. We have also built an excellent team of experienced senior management. Manny Roman has been a key part of our progress and has been working closely with me for the past two years. He is an excellent leader for the business and I am delighted that he will be taking over from me to continue the work of building on the strong position of Man in our industry."

Jon Aisbitt, Chairman, said: "On behalf of the Board I would like to thank Peter for his many years of service at the company. During his tenure as CEO, Man has faced challenging trading conditions. Under his leadership the company has sought to diversify its portfolio of businesses while driving down costs to a sustainable level. Peter has put in place an excellent management team around him and has led this phase of the re-positioning of the business. I am delighted to say that Manny Roman's dedication to Man and commitment to delivering performance for investors makes him the ideal candidate to take over from Peter."

Manny Roman, CEO-designate, said: "I have worked closely with Peter over recent years and am excited and honoured to be taking on the role of CEO. These are tough times for the asset management industry, as for many parts of financial services. However by intensifying our focus on delivering performance for investors in our funds, strengthening and deepening our relationships with clients and maintaining pressure on costs, I am confident that we can deliver significant long term value."

Peter will work with Manny during a handover period which will last until 28 February 2013, when the company will present its final results for the full year to 31 December 2012. The appointment is subject to FSA approval.

Press release

bc

What do you think?

   Use "anonymous" as my name    |   Alert me via email on new comments   |   
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

 



  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - Sequoia takes Facebook stake as shares slide in data controversy, $1.4b hedge fund sees intact fundamentals for Facebook, Jim Cramer reveals some 'suggested hedge fund trades' amid the Trump tariffs[more]

    Sequoia takes Facebook stake as shares slide in data controversy From Bloomberg.com: The $4.2 billion Sequoia Fund bought a small position in Facebook Inc. as the stock slid late in the first quarter, investment manager Ruane, Cunniff & Goldfarb told clients. "The recent controversy enab

  2. Activist Investors - Blue Sky-owned Wild Breads faces uncertain future[more]

    From AFR.com: A Blue Sky private equity investment in artisan-style baker Wild Breads enjoyed multiple valuation upgrades despite losing millions and breaching its lending covenants, accounts lodged with the regulator last week show. Wild Breads lost $2.4 million in 2017, but Blue Sky ascribed a hig

  3. Opalesque Exclusive: Barnegat to close hedge fund to outside investors on weak opportunities[more]

    Komfie Manalo, Opalesque Asia: Bob Treue's Barnegat Fund Management said it is closing its $666m fixed income relative value hedge fund to outside investors. "The negative side to gains in Fixed Income Arbitrage is that unless we find new opportunit

  4. Investing - Hedge fund makes a big bet on malls, British hedge fund manager Odey short UK government bonds on QE bet[more]

    Hedge fund makes a big bet on malls From Barrons.com: The dominant narrative on American shopping malls is that they're dead. Crushed by Amazon.com, many brick-and-mortar retail stores are destined for bankruptcy. And where is the most retail, clustered all together? Malls. From a

  5. Performance - Hedge funds suffer first back-to-back loss in two years, Netflix performance burns hedge fund short sellers, Macro hedge fund up 14.5% in first quarter sees dollar falling, Renaissance Technologies rebounds across hedge funds in March[more]

    Hedge funds suffer first back-to-back loss in two years From Bloomberg.com: Hedge Fund returns sank for a second straight month in March, the first back-to-back loss since the first two months of 2016, as trade wars, tech-sector woes and a Fed rate hike dragged down the S&P 500 from its