Challenges: Man Group president Robyn Grew will become the firm’s first-ever female chief exec
Man Group’s incoming boss is facing a difficult start after profits collapsed in the first half of this year following a series of bad bets on the market.
Robyn Grew, the hedge fund manager’s president, will become its first-ever female chief executive when she takes over from Luke Ellis at the start of September.
But she faces a baptism by fire after the FTSE 250 group reported a pre-tax profit of £107million for the six months to the end of June, down 65 per cent year-on-year, as the fees it raked in from fund performance tumbled by 92 per cent to £25million.
Shares in the firm slumped 5.5 per cent, or 13.1p, to 225.7p following the update. Man Group, the world’s largest listed hedge fund manager, admitted the first half of the year had been ‘difficult’.
But the group highlighted that despite the sharp drop in profits, its assets under management had hit a record high during the period of £119billion as a net of £2billion flowed into the company.
It also came after the business signed a deal early last month to acquire a controlling stake in US credit fund Varagon Capital, adding another £9.2billion in assets to its portfolio.
London-based Man Group has been aiming to expand its credit offering in a bid to expand the services available to its clients, which are mainly focused on large institutions.
But the results may sour the departure of Ellis, 60, who has been with the company for 13 years.
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