Shake-Up At Man Group

Man Group Plc, the world's largest listed hedge fund company, says that Finance Director Peter Clarke is to become group chief executive with effect from April 1, 2007. At the same time, the current CEO Stanley Fink will become non

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Man Group Plc, the world’s largest listed hedge fund company, says that Finance Director Peter Clarke is to become group chief executive with effect from April 1, 2007. At the same time, the current CEO Stanley Fink will become non-executive deputy chairman. Man Group will appoint a new finance director in due course.

“The board considers that these appointments provide an excellent basis on which to drive forward the continued growth of the Man Group and reflect a robust and considered approach to the critical task of executive management succession,” says Harvey McGrath, Chairman.

In July the company had said assets under management had climbed to more than $54 billion at the end of June from $49.9 billion at the end of March. Sales in the three months to end-June had risen to $5.3 billion from $1.6 billion in the same period the year before. Despite a recent period of sluggish performance by the hedge fund sector, investors have continued to pour money into these investment vehicles as they hunt for ways to diversify away from traditional assets like listed stocks and bonds.

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