Directorate Change

RNS Number : 6649E

Man Group plc

20 July 2016

 

Press Release

Luke Ellis to succeed Manny Roman as Chief Executive Officer of Man Group

London, 20 July 2016 - Man Group today announces that Luke Ellis will succeed Emmanuel (Manny) Roman as Chief Executive Officer on 1st September 2016. Manny will step down from Man Group's Board on 31st August 2016 in order to take up the role of Chief Executive Officer at PIMCO from 1st November 2016. Luke has worked alongside Manny since 2012 as President of the firm. Jonathan Sorrell will continue as President of the firm alongside his role as Chief Financial Officer.

Luke Ellis was previously President of Man Group, having joined the firm in 2010, and a member of the Man Group Executive Committee. He is responsible for managing Man Group's four investment units, Man AHL, Man GLG, Man Numeric and Man FRM. Prior to this, Luke was Head and CIO of Man Group's Multi-Manager Business and Non-Executive Chairman of GLG's Multi-Manager activities. He was Managing Director of FRM and ran the business from 1998 to 2008. Before joining FRM, Luke was a Managing Director at JPMorgan and Global Head of Equity Derivatives and Equity Proprietary Trading.

Ian Livingston, Chairman of Man Group, said:

"On behalf of the Board, I would like to thank Manny for his leadership and for all he has done for Man Group; he leaves a much stronger, more resilient business than the one he took on. During his tenure as CEO, Man Group has successfully restructured and diversified and he has put in place an excellent management team. We wish him well in his new endeavour and he will remain a close friend of the company. Luke Ellis' dedication to Man Group and commitment to delivering performance for investors, as well as the leadership he has already demonstrated, makes him the ideal candidate to take over from Manny. His appointment was a unanimous decision taken by the Board, and we are very pleased that he has accepted the role."

Manny Roman, CEO of Man Group, said:

"It has been a great privilege to have led Man Group through a period of evolution and progression for the business; Man Group has restructured, grown and diversified over the past five years, as well as expanded in the US and enhanced the focus on institutional business. We have also built an excellent team of experienced senior management. Luke Ellis has worked closely with me for the past seven years and I have known him for more than two decades. He is a superb leader for the business and a good friend, and I am pleased that he will be taking over from me to continue building a diversified and resilient firm focused on performance and serving our clients. Man Group is an excellent business and I am sad to be leaving, but I have decided to accept this new, outstanding opportunity and move back to the US where my family is based."

Luke Ellis, CEO-designate of Man Group, said:

"I have worked closely with Manny over several years, helping to build Man Group into the business it is and am excited and honoured to now be taking on the role of CEO. The investment management industry has faced a number of challenges in recent years, as have many parts of financial services. However, by continuing with our focus on performance and client service, and investing in our infrastructure and diversification as we build on our position at the forefront of the industry, I am confident that we can deliver significant long term value for our clients and shareholders."

Manny will work with Luke and Jonathan during a handover period which will last until he steps down on 31st August 2016. Luke's appointment as Chief Executive Officer of Man Group is subject to the relevant regulatory approvals, and there are no disclosures to be made pursuant to Listing Rule 9.6.13R in respect of the appointment.

This announcement contains inside information 

- Ends -

Enquiries

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Head of Investor Relations

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Rosanna Konarzewski

Global Head of Communications and Marketing

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About Man Group

Man Group is one of the world's largest independent alternative investment managers, and a leader in liquid investment strategies. Across its four investment managers (Man AHL, Man Numeric, Man FRM and Man GLG), Man Group has diverse hedge fund strategies and long only products spanning equity, credit, managed futures, convertibles, emerging markets and multi-manager solutions. At 31 March 2016, Man Group's funds under management were $78.6 billion.

The original business was founded in 1783. Today, Man Group plc is listed on the London Stock Exchange under the ticker EMG.L and is a constituent of the FTSE 250 Index.

Man Group also supports many awards, charities and initiatives around the world, including sponsorship of the Man Booker literary prizes. Further information can be found at www.man.com.

Forward looking statements and other important information

This document contains forward-looking statements with respect to the financial condition, results and business of Man Group plc. By their nature, forward-looking statements involve risk and uncertainty and there may be subsequent variations to estimates. Man Group plc's actual future results may differ materially from the results expressed or implied in these forward-looking statements.

The content of the websites referred to in this announcement is not incorporated into and does not form part of this announcement. Nothing in this announcement should be construed as or is intended to be a solicitation for or an offer to provide investment advisory services.

 

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