Man Group names Robyn Grew as chief govt


Luke Ellis, chief govt 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 underneath administration, mentioned on Thursday that Ellis would retire in September after six years within the function. Grew will change into one of many few girls 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 normal counsel. Following her appointment as chief govt, she’s going to relocate from New York to London.

Having begun life within the sugar business 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 alternate options methods throughout liquid and personal markets.

Originally recognized for its flagship quantitative technique AHL, Man was reworked in 2010 when it purchased GLG Partners 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 complicated algorithms.

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

Last 12 months, Man reported an 18 per cent leap 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. Client inflows for the 12 months had been $3.1bn.

Man mentioned on Thursday that Grew had actively championed a extra numerous and collaborative tradition on the firm. Before becoming a member of the group, she held senior positions at Barclays Capital, Lehman Brothers and the then-London International Financial Futures and Options Exchange.

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. Higher inflation and rising rates of interest have ended the bull market in shares and squeezed income throughout the business.

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