LONDON Man Group's new chief executive Luke Ellis shook up the top team of the world's biggest listed hedge fund on Friday following the shock departure of Manny Roman in June.
Roman left Man to head up rival mutual fund manager Pimco and analysts at Credit Suisse said the reshuffle, a day after Ellis officially took on the CEO role, was a "sensible" move that would help "tie-in key employees".
The biggest change to the senior management team was the appointment of Mark Jones to group chief financial officer (CFO) from his current position of co-chief executive officer of Man's discretionary equity investment unit, Man GLG.
He replaces CFO and co-president Jonathan Sorrell, who will now assume the role of president, filling the position left by Ellis. Sorrell was named co-president after Roman's exit.
"We think the retention of and expanded role for Jonathan Sorrell is important," the Credit Suisse analysts said. "This change will allow him to focus all of his time on the Group's strategic and commercial development.
The appointments come amid continued efforts by the London-listed firm to diversify its product offering away from a traditional focus on quantitative investment, against a backdrop of weaker returns for many global asset managers.
"The firm has changed a great deal in the past few years and, with my own role also changing, it made sense to look at the way we are organised and where different responsibilities should lie," Ellis said in a statement.
"From a strategic and operational viewpoint, very little will change and we will continue in a 'business as usual' manner as the changes are implemented as seamlessly as possible."
Man posted a 3 percent fall in funds under management in the first half of the year and saw performance fees fall sharply, mirroring what has been a tough climate for the broader industry.
Data from industry tracker Eurekahedge showed the industry chalked up its third straight month of outflows in August, with total redemptions totalling $20.7 billion, with funds which bet on equity market moves among the worst hit.
Among other appointments, the firm named Sandy Rattray as chief investment officer for its Man AHL, Man Numeric, Man GLG and Man Solutions units.
General counsel and global compliance head Robyn Grew, meanwhile, would take up a new role of chief administrative officer, Man said.
(Editing by Rachel Armstrong and Alexander Smith)