Man Group names Robyn Grew as chief executive

Luke Ellis, chief government of the world’s largest listed hedge fund supervisor Man Group, is to retire and get replaced by the corporate’s president Robyn Grew.

Man, which has $144.7bn in property beneath administration, mentioned on Thursday that Ellis would retire in September after six years within the function. Grew will grow to be one of many few ladies globally to steer a big hedge fund group.

She joined Man 14 years in the past and has held roles together with group chief working officer, head of ESG and common counsel. Following her appointment as chief government, she’s going to relocate from New York to London.

Having begun life within the sugar trade within the late 18th century, Man Group has since grown into the world’s largest listed hedge fund, with a enterprise spanning long-only equities and options methods throughout liquid and personal markets.

Initially recognized for its flagship quantitative technique AHL, Man was remodeled in 2010 when it purchased GLG Companions for $1.6bn. The acquisition added discretionary hedge fund methods — the place supervisor talent is relied upon — to its portfolio of predominantly quant funds that depend upon advanced algorithms.

Ellis arrived at Man with GLG, lured again into the Metropolis after a stint as a farmer by Manny Roman, then GLG’s chief government. Ellis was promoted to chief government of Man in 2016.

Final yr, Man reported an 18 per cent bounce in revenue to $779mn, pushed by a rise in efficiency charges, a lot of which got here from the group’s computer-driven macro funds. Shopper inflows for the yr have been $3.1bn.

Man mentioned on Thursday that Grew had actively championed a extra various and collaborative tradition on the firm. Earlier than becoming a member of the group, she held senior positions at Barclays Capital, Lehman Brothers and the then-London Worldwide Monetary Futures and Choices Change.

She takes the reins as asset managers face a radically modified world after twenty years marked by record-low rates of interest and quantitative easing. Larger inflation and rising rates of interest have ended the bull market in shares and squeezed income throughout the trade.

Man’s personal evolution over the previous twenty years displays profound modifications within the $3.88tn hedge fund trade. As soon as dominated by extremely paid star managers and a shopper base of rich people, hedge funds more and more handle cash for pension funds, insurance coverage corporations and different large establishments.

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