Man Group chief Peter Clarke is expected to leave today in major shake-up at hedge fund

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Man Group (LSE: EMG.L - news) , the world’s biggest listed hedge fund, is expected to announce a major shake up of power and the departure of Peter Clarke, the chief executive, as soon as today.

It is thought that Peter Clarke, who has been chief executive since 2007, will hand over control to Manny Roman, Man’s chief operating officer and founder of GLG (Berlin: G7G.BE - news) founder.

Mr Clarke’s exit from the company and Mr Roman’s ascent to the top job has been widely trailed, although Man Group declined to comment on the speculation.

In recent months Mr Roman has been at the forefront of attempts to help revive the company’s fortunes and pull the business out from a its shareprice slump.

The cost cutting programme and the hiring of Jonathan Sorrell as finance director have all been lead by Mr Roman.

Along with Pierre Lagrange, GLG’s co-founder and current chairman of Man Group’s Asia business and Luke Ellis, head of Man’s newly formed FRM division, Mr Roman has gained considerable support both internally within the company and across the industry.

Man (Other OTC: MAGOF.PK - news) has seen its shareprice has plummet 41pc in the past year and its assets under management fall from a high of $71bn in the immediate aftermath of the GLG acquisition to $60bn. Shares are currently trading at 76.85p.

Last week BlackRock (NYSE: BLK - news) , the world’s biggest money manager and at one point Man’s biggest shareholder, cut its holding in the listed hedge fund by more than 50pc. BlackRock, which is now 14th on the shareholder register, has a stake of just 1.2pc. AllianceBernstein (NYSE: AB - news) , with 4.1pc, is now Man’s largest shareholder.

Man group shares were up 5.7pc in early afternoon trading.