Man Group's finance director leaves
Kevin Hayes, finance director at Man Group since 2007, is to leave to pursue other interests, the firm said in a statement this morning.
He will be replaced by Jonathan Sorrell, currently head of strategy and corporate finance. According to Peter Clarke, CEO at Man, Sorrell has been instrumental in structuring Man’s proposed acquisition of FRM, the $8 billion funds of funds.
Sorrell joined Man in August 2011 following a decade at Goldman Sachs where he worked in the investment management, securities and investment banking divisions. He also headed the Petershill Fund, the Goldman-backed investment vehicle which owned stakes in several brand name hedge funds including Winton Capital, Capula and Trafalgar Asset Managers. The Petershill Fund was reported to be on the market back in April 2012.
Hayes’ departure comes less than a week after Darren Upton, Man Group’s head of research methodology, was poached by International Standard Asset Management (ISAM), the hedge fund fronted by Stanley Fink, former Man CEO.
Man has had a rough 2012 having seen its AuM drop from $68.8 billion in March 2011 to $59 billion (at March 31, 2012). Man’s share price declined to such an extent this year it was relegated from the FTSE 100, while its performance has been found wanting with AHL, the computer-driven hedge fund and main profit driver, down 3.62% year-to-date.
UBS analysts speculated Man could be a potential takeover target in April while there were reports the position of the CEO was under pressure.