Man Group taps next CEO as Clarke retires

Emmanuel Roman will succeed Peter Clarke as CEO of Man Group on Feb. 28, the company announced Monday.

Mr. Roman, president and chief operating officer at Man Group, was CEO of GLG Partners, a hedge fund that Man Group acquired for $1.6 billion in 2010.

Mr. Clarke will retire.

Man Group shares had fallen by nearly 40% so far this year before climbing about 6% following the announcement, to 78 pence per share as of 3 p.m. in London trading. The company has suffered from the underperformance of its flagship systematic fund, AHL, and related outflows.

As of Sept. 30, Man Group had about $60 billion in assets under management, about a third of which is invested in AHL.

Efforts to reach Mr. Clarke for further comment were unsuccessful.