Hedge Funds

Man FRM taps next CEO

Michael Turner was promoted to chief executive officer of hedge funds-of-funds manager Man FRM.

He was chief operating officer of Man FRM and has been replaced by Rachel Waters, deputy COO.

Mr. Turner, who is based in London, will work closely with Keith Haydon, Man FRM's chief investment officer, and Michelle McCloskey, president of Man FRM and Man Americas, according to a statement released Tuesday.

The position has been open since Luke Ellis was promoted to CEO of parent company Man Group last year; he had been co-president of Man Group and CEO of Man FRM, said Megan Ingersoll, a company spokeswoman, in an email.

Jonathan Sorrell, president of Man Group, has had executive oversight of Man FRM since mid-2016, a role he will retain.

"There has been a meaningful advancement of Man FRM's business model in recent years, with particular emphasis on developing services for our clients, which can leverage the resources and expertise of the whole of Man Group," said Mr. Sorrell, in the news release. "As part of Man FRM's management committee, Mike has played a key role in the success of Man FRM globally."

Man FRM managed $16.2 billion in hedge funds of funds and customized hedge fund portfolios.