The bad news keeps on coming for investors in Man Group (EMG) after the hedge fund manager announced chief executive Emmanuel 'Manny' Roman would be stepping down from September. Mr Roman is departing to become chief executive of Pimco and will be replaced by group president Luke Ellis.
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Man Group has had a dire 12 months of trading, with the shares losing around a quarter of their value during that time. The group's shift towards lower-margin institutional assets has eroded margins, while its quant-based AHL investment management division also put in a weak performance last year. Net performance fees dropped by 11 per cent during the period, while pre-tax profits fell by half to $184 (£140m).
