The chair of Man Group’s business in China is said to have been called to a meeting between foreign financial firms and market authorities as Beijing puts pressure on prominent figures in the financial industry over recent heavy falls in share prices.
In the good old days, when Peter Clarke was finance director of Man Group, his job was to count the winnings as the AHL computer programme churned out excellent investment returns and enormous management fees. Back then, annual cash bonuses of £5m or £7m were the norm in the boardroom and executives could expect even bigger windfalls when their share options matured. AHL was a sensation, averaging an 18% annual return.
Man Group has announced that Peter Clarke, Chief Executive, has advised the company of his intention to retire and to step down from the Board on 28 February 2013.
Hedge fund group Man has rid itself of its residual exposure to the collapsed US investment bank Lehman Brothers.
Four months after announcing its last slimming pledge, hedge fund manager Man Group is at it again. March's round was to save $95m a year. Now it is to save a further $100m.
Jonathan Sorrell, currently Man’s Head of Strategy and Corporate Finance, is taking over as Finance Director of the firm with immediate effect.
Shares in Man have been volatile for some while on worries about the hedge fund's performance, and they have fallen again after negative noises from Standard & Poor's.
Man Group plc has announced an addition to the management team at AHL, its industry-leading quantitative managed futures manager.
Alison Carnwath, a high-profile serial director with a seat in the boardrooms of a number of major companies, has become a focus of discontent among investors after suffering an embarrassing protest vote by investors at hedge fund Man.