THE FINANCE DIRECTOR of Man Group has stepped down from the struggling hedge fund on the day it dropped out of the FTSE 100 into the FTSE 250.
The sudden departure of FD Kevin Hayes comes after a difficult start to 2012 in which the group’s flagship AHL fund has struggled, losing around 1.4% so far this year, while shares have slumped by more than two thirds in the past 12 months.
Man said that Hayes, who joined the hedge fund as FD in 2007, had left to pursue other professional interests and will be replaced by Jonathan Sorrell, son of WPP chief executive Martin Sorrell and Man’s current head of strategy and corporate finance.
Sorrell joined Man in May last year after spending more than ten years at Goldman Sachs. His appointment as FD comes after he played a “key role” in the Man’s acquisition of rival hedge find FRM, according to Peter Clarke, Man chief executive.
“Jonathan’s experience in financial markets, especially his deep working knowledge of the hedge fund industry, will be extremely valuable as we continue to develop and evolve in challenging world markets. He has a strong background in strategy and execution and will bring clear focus on costs and financial efficiency,” Clarke said.
Shares in Man were up 0.2p to 73p in morning trading on the London Stock Exchange.
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