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MOVES-Hedge fund Man Group hires ex-Cheyne Capital Sternbach for new strategy

Reuters - UK Focus

LONDON, Jan 14 (Reuters) - Man Group (LSE: EMG.L - news) , the world's biggest listed hedge fund, has hired former Cheyne Capital portfolio manager Moni Sternbach for its GLG unit to manage a strategy it plans to launch in the first quarter of this year.

Sternbach specialises in investments in mid-cap stocks and was earlier a lead manager of the Cheyne European Mid Cap Long/Short strategies for almost three years, Man Group said in a statement on Wednesday.

A Cambridge University graduate, Sternbach's previous employers include Gartmore Investment and Bank of America (Swiss: BAC.SW - news) . He will report to Man GLG's co-chief executives Teun Johnston and Mark Jones.

The GLG unit managed about $32 billion of the Man Group's $72.3 billion in assets under management at the end of September last year.

(Reporting by Nishant Kumar; editing by Carolyn Cohn)