Fink Steps Aside In Changing Of The Guard At Man Group

by Phillip Morton, Investors Offshore.com

11 September 2006

Stanley Fink is to step aside as Chief Executive of hedge fund firm Man Group Plc as the firm undergoes a shake-up of its senior management.

The world's largest listed hedge fund firm announced last week that effective April 1 2007, Group Finance Director Peter Clarke will be appointed Group Chief Executive, while Fink will become non-executive Deputy Chairman. However, Fink will also retain his role as Chairman of the Strategic Investment Committee of Man Investments. The Group will also appoint a new Group Finance Director.

Fink has been a major influence on the growth of Man Group. Joining the company in 1987, he became its CEO in 2000 and oversaw growth in investment funds under management from $4.7 billion to over $54 billion at 30 June 2006, a period when Group pretax profits have risen to $1.2 billion.

Commenting on the changes, Harvey McGrath, Chairman of Man Group plc, said: “The Board considers that these appointments provide an excellent basis on which to drive forward the continued growth of the Man Group and reflect a robust and considered approach to the critical task of executive management succession."

McGrath added that: “Stanley has indicated to the Board his wishes to become non-executive, not least in order to be able to commit more time to personal interests, in particular his philanthropic activities. However, the Board is very pleased that he has agreed to maintain two important roles within the firm.”

Commenting on the changing of the guard at Man Group, Fink observed: “I am delighted to have Peter as my successor as Chief Executive. His enormous contribution to the success of the Group has been clearly recognised both within the firm and in the market, and I have every confidence that he will be a strong and effective leader of both our main businesses."

"I look forward to continuing to add value to the business, particularly regarding strategic investment decisions on the part of Man Investments’ main investment units.”

Recommended