Business

Chief executive leaving Man Group

LONDON — Man Group, the world’s largest publicly traded hedge fund manager, said Monday that Peter Clarke would retire as chief executive at the end of February, after almost 20 years with the firm.

The company, which has recently struggled to stem an outflow of client money, has appointed its chief operating officer, Emmanuel Roman, to succeed Clarke. Clarke informed the board of his intention to retire, the company said in a statement.

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Outflows rose almost 60 percent, to $2.2 billion, in the third quarter after Man’ Group’s flagship fund underperformed.

Sales remained weak as clients­ shied away from moving their money because of Europe’s debt crisis and uncertainty in the financial markets.

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As a result, the company had been adding to its funds through acquisitions. It acquired FRM Holdings Group, a rival hedge fund investment manager, in May.

New York Times

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