Man Group Plc, the biggest publicly traded hedge fund manager, combined two computer-driven hedge fund units and made management changes in recent weeks before Emmanuel Roman takes over as CEO next week Bloomberg reports.
Luke Ellis, who has been head of the FRM fund of hedge funds unit, was named president of London-based Man Group, David Waller, a company spokesman, said today. Ellis has oversight of the investment operations of Man’s three main investment divisions -- FRM, GLG Partners and ALM, which runs the firm’s largest hedge fund, AHL.
AHL, which has underperformed its peers and lost assets to client withdrawals, is being combined with the Man Systematic Strategies group, Waller said. AHL’s assets under management fell to $16.3 billion in the third quarter of last year, from $16.7 billion three months earlier and from $19.5 billion as of March 31….