Sun, Aug 2, 2015
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. Opalesque Exclusive: Despite bumpy June/July, CTAs hold on[more]

    Bailey McCann, Opalesque New York: To say that things have been rocky in managed futures recently is putting it mildly. In June, the industry saw its worst month on a performance basis in the past four years. Then yesterday,

  2. Investing - Hedge fund billionaires bet on London as revival gathers pace[more]

    From Bloomberg.com: London’s fund industry is bouncing back, and U.S. billionaires Steven A. Cohen and Ken Griffin are grabbing a piece of the action. Griffin’s Citadel and Millennium Management, a hedge fund run by Israel Englander, have bulked up in London, where asset growth is outpacing the U.S.

  3. Other Voices: Same day reporting and the evolving role of fund administrators[more]

    By: Scott Price, Head of Business Development and Client Management for North America, Maitland Ernst & Young’s latest glob

  4. Cowen Group, Inc. to acquire Conifer Securities[more]

    Cowen Group, Inc. and Conifer Securities, LLC had announced the signing of a definitive agreement under which Cowen will acquire Conifer Securities, the prime services division of Conifer Financial Services LLC. The transaction, the terms of which have not yet been disclosed, was approved by the boa

  5. Cargill’s Black River Asset to shut down four hedge funds[more]

    Komfie Manalo, Opalesque Asia: Cargill Inc.’s $7.4 billion Black River Asset Management said it was closing four hedge funds with a combined $ 1 billion in assets and start returning investors money over the next several months, various media said. The hedge funds represent 15% of Black River’

 

banner