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(Alliance News) - Hedge fund manger Man Group PLC on Wednesday said President & Executive Director Jonathan Sorrell has decided to step down to take on a new role outside of the company.
Man Group, which manages USD114.4 billion in assets, said Sorrell will step down from his role as an executive director with immediate effect but will remain with the company for the time required to facilitate an orderly transition of his responsibilities.
"Jon has contributed hugely to the firm over the past eight years, first as [chief financial officer] and then as president. Among his many achievements, Jon was instrumental in managing the firm's cost base during particularly challenging times for the business, helping to create the strong, resilient firm we have today," said Man Chief Executive Officer Luke Ellis.
"More recently, as president, he has championed our important move into private markets and helped establish a strategic vision and first-class distribution platform with our sales team, creating foundations that will stand us in good stead for years to come. We wish Jon all the best in his new role," Ellis added.
Sky News, citing sources, on Tuesday reported that Sorrell resigned to take up a senior role elsewhere in the asset management sector.
https://news.sky.com/story/man-group-president-sorrell-quits-for-rival-asset-manager-11806636
Separately, The Times newspaper on Saturday reported that Man Group Chair Ian Livingston was considering quitting after only three years in the role.
John Cryan, the former boss of Deutsche Bank AG, is tipped to replace Livingston as Man chair, according to the newspaper.
https://www.thetimes.co.uk/article/livingston-set-to-quit-man-group-kxtvz5msm
Man Group shares were up 1.1% at 170.50 pence each on Wednesday morning.
