LONDON Dec 10 Peter Clarke, the chief executive
officer of embattled hedge fund firm Man Group, is set
to step down and could announce his departure as early as
Monday, Sky News reported.
Clarke will retire early next year, handing over the reins
to Emmanuel Roman, Man's current chief operating officer, Sky
said, citing unnamed insiders.
Clarke, who has been in the top job at Man since 2007, has
been under growing pressure over the past two
Despite repeated attempts to restore investor confidence,
the London-based former FTSE 100 company suffered a fifth
straight month of client exits in October after poor returns
from its flagship AHL fund, while its share price has halved
since late last year.
According to Sky, Jon Aisbitt, Man's chairman, sounded out
leading investors in recent weeks about the move to bring Roman
in as CEO before the spring of 2013.
The details of the transition were agreed at a Man board
meeting last week, Sky said.
Roman joined Man in 2010 after its now widely-criticised
takeover of hedge fund firm GLG for $1.6 billion.
Man Group declined to comment.