Man Group, the world’s largest listed hedge-fund firm by assets, said on September 2 that Jonathan Sorrell is stepping down as chief financial officer, while his role as president of Man Group is expanding to include several new strategic and commercial areas including sales, corporate strategy, and mergers and acquisitions.
Mark Jones, a co-CEO of the company’s GLG unit, will replace Sorrell as CFO subject to regulatory approval.
The move comes a day after Luke Ellis took charge of the London-based firm following the departure of Manny Roman to become CEO of Pimco. Ellis previously served as Man Group’s president and held responsibility for investment.
Roman, whose departure was announced in July, was credited with leading a turnaround in Man Group’s fortunes in recent years, executing a string of acquisitions that diversified its business.
However, the company, which manages $ 76.4 billion in assets, suffered a slump in performance fees during the first half following a torrid start to the year for many of its funds.
Man Group also said it had appointed Robyn Grew as chief administrative officer, with responsibilities including infrastructure, operations and technology, and Pierre-Henri Flamand as chief investment officer of Man GLG.
Write to Tapan Panchal at Tapan.Panchal@wsj.com
This story was first published by The Wall Street Journal