Bloomberg- Man Group Plc, the world’s largest hedge-fund manager, said finance director Peter Clarke will replace Stanley Fink as chief executive next year.
Fink, 49, will become non-executive deputy chairman in April 2007, the London-based company said in a Regulatory News Service statement today. Clarke, who’s worked at Man for the past 13 years, has been finance director for the last six.
Fink took over as CEO in 2000 and led the transformation of Man Group from a commodities trader into a hedge-fund manager. Under Fink, Man’s funds under management grew to $54 billion from $4.7 billion, the company said today.
“Stanley has indicated to the Board his wishes to become non-executive, not least in order to be able to commit more time to personal interests, in particular his philanthropic activities,” Chairman Harvey McGrath said in the statement.
