Wed, Oct 18, 2017
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. Regulatory - David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge, Carried interest tax: How much does it matter?, Odey sees 'terrifying' mix in MiFID, tapering, asset values, Hedge funds come together to share cost of MiFID and research, SEC turns up the heat on U.S. investment advisers, India's Sebi asks hedge funds to report investments in commodity derivatives[more]

    David Stockman: Trump tax reform overhaul is a pipe dream, stocks are heading for 40-70% plunge From CNBC.com: David Stockman is warning about the Trump administration's tax overhaul plan, Federal Reserve policy, saying they could play into a severe stock market sell-off. Stockman, the R

  2. North America - Puerto Rico rejects loan offers, accusing hedge funds of trying to profit off hurricanes[more]

    From TheIintercept.com: Puerto Rico has rejected a bondholder group's offer to issue the territory additional debt as a response to the devastation of Hurricane Maria. Officials with Puerto Rico's Fiscal Agency and Financial Advisory Authority said the offer was "not viable" and would harm the islan

  3. Investing - WPP targeted by short-selling American hedge fund, Sun co-founder sells secretive hedge fund on big chip trade[more]

    WPP targeted by short-selling American hedge fund From Cityam.com: An American hedge fund has mounted a bet against WPP, the world's largest advertising group, with a trade worth almost £90m. Lone Pine Capital has built a short position worth 0.51 per cent of the FTSE 100 company,

  4. Hedge funds up as industry adjusts to rising rates[more]

    Komfie Manalo, Opalesque Asia: Hedge funds have reshuffled their portfolio after nearly four weeks of rising rates as the Lyxor Hedge Fund Index was up +0.2% from 19 September to 26 (+1.1% YTD), fuelled by strong results of global macro funds, Lyxor Ass

  5. Manager Profile - How the world's hedge fund king used 'idea meritocracy' to become a billionaire[more]

    From Forbes.com: In 1982, Ray Dalio made what he calls the biggest mistake of his life. He made a bet that there would be an economic collapse stemming from a debt crisis. And he was wrong. He lost money. He lost his client's money. He had to let people go from his firm and borrow money from his dad