Man Group has announced it will replace chief executive officer Peter Clarke, who had been in the job since 2007, with Emmanuel "Manny" Roman. Roman is the firm's chief operating officer and joined Man after it acquired hedge fund GLG Partners in 2010.
Clarke has overseen two massive acquisitions: GLG, which cost $1.6 billion, as well as FRM Holdings, which made Man the largest independent non-US based fund of hedge funds (FoHF), in May of this year.
"It has been a great privilege to have been at Man for nearly 20 years," Clarke said in a statement. "During that time I have been proud to have played a part in Man's transformation from a commodities trader and futures broker into one of the world's leading alternative asset managers. Despite the very tough trading conditions since 2008, Man has developed three strong pillars of investment expertise, namely AHL, FRM and GLG, while also remaining in robust financial strength. We have also built an excellent team of experienced senior management.
"Manny Roman has been a key part of our progress and has been working closely with me for the past two years," he continues. "He is an excellent leader for the business and I am delighted that he will be taking over from me to continue the work of building on the strong position of Man in our industry."
Clarke will retire as CEO and step down from the Board on February 28, 2013, which is when Man will present its final results for the full year to December 31, 2012, according to the firm.
"I have worked closely with Peter over recent years and am excited and honored to be taking on the role of CEO," Roman stated. "These are tough times for the asset management industry, as for many parts of financial services. However by intensifying our focus on delivering performance for investors in our funds, strengthening and deepening our relationships with clients and maintaining pressure on costs, I am confident that we can deliver significant long term value."
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