Man Group’s chief funding officer Sandy Rattray is to depart the group, sparking a reshuffle of the hedge fund agency’s senior administration.
Rattray, a former Goldman Sachs staffer and a co-creator of the Vix index of market volatility, will hand over his tasks within the subsequent few months and go away within the second half of the 12 months, Man Group stated. He has determined to depart the monetary providers trade to review structure, in line with individuals aware of his plans.
Rattray has risen up the ranks at Man over the previous decade. He turned chief funding officer of systematic methods in 2010, after which in 2013, as a part of sweeping adjustments beneath new chief govt Manny Roman, turned chief govt of its AHL unit, earlier than advancing to CIO. Underneath Rattray’s stewardship, AHL’s property have risen from $11.9bn on the finish of 2013 to $45.3bn this 12 months.
Man has endured blended fortunes in recent times. It weathered the onset of the pandemic higher than some rivals, posting a comparatively small drop in property and a few internet inflows within the first quarter of 2020, and posted inflows of $1.8bn for the calendar 12 months. Property have risen to a file $127bn this 12 months.
Nonetheless, funding efficiency has lagged behind in some areas, together with its GLG European Lengthy-Brief fund and a few computer-driven funds.
Man’s shares rose 0.4 per cent on Friday to 182p however are nonetheless under the 217p they hit in early 2018. In summer time 2008, at their peak, they had been value greater than 600p.
The $3.8tn hedge fund trade largely fared properly in the course of the worst of the market disaster final 12 months. Funds on common gained 11.8 per cent, in line with information group HFR, their best year of gains since 2009’s market rally within the wake of the worldwide monetary disaster. The trade’s best-performing managers loved their greatest positive aspects in a decade, in line with LCH Investments.
Nonetheless, some computer-driven managers have struggled with market volatility and to deal with its sharp reversals, with companies corresponding to Bridgewater Associates and Renaissance Applied sciences enduring a troublesome 12 months. Winton Group, arrange by David Harding, a co-founder of Man’s AHL unit, has suffered a slump in assets after poor efficiency.
Following Rattray’s exit the function of CIO will probably be scrapped. Nonetheless, chief monetary officer Mark Jones will step down from the board to tackle the function of deputy chief govt, taking care of the AHL and Numeric models and Man’s expertise features that Rattray has led. Man additionally stated that Antoine Forterre, who’s co-chief govt of AHL, will turn out to be Man’s chief monetary officer, succeeding Jones.
Man’s chair John Cryan stated Rattray had performed “an enormous half in driving our innovation and development”.