Jonathan Sorrell will step down as president and executive director of Man Group effective immediately, a spokeswoman said.
Mr. Sorrell plans to take on a new role outside the firm, Man Group said in a news release.
Mr. Sorrell's leaving date has not been confirmed, and he will not be replaced, according to a source close to the firm.
"Mr. Sorrell as president 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 (him) all the best in his new role," Man Group CEO Luke Ellis said in the news release.
Man Group had $114.4 billion in assets under management as of June 30.