Stanley Fink, the chief executive of Man Group hedge fund is stepping down as chief executive after almost twenty years at the company. He will be succeeded on 1 April 2007, by Peter Clarke, the firm’s finance director, according to MAN group.
Mr Fink took over as chief executive in 2000 and led the transformation of Man Group from a commodities trader into a hedge fund manager. During his tenure as CEO the firm has seen its investment funds under management grow from $4.7 billion to over $54 billion at 30 June 2006, while pretax profits have risen to $1.2 billion.
Mr Clarke has worked at Man for the past 13 years, has been finance director for the last six. Analysts said the transition at the top would do little to shake investor confidence.
Clarke studied law at Queens’ College in Cambridge, England, and became a solicitor in 1985. After a stint at the law firm of Slaughter and May in London, he worked in mergers and acquisitions at Morgan Grenfell and Citicorp.
Harvey McGrath, Chairman of Man Group said in a statement, “Stanley has indicated to the board his wishes to become nonexecutive, not least in order to be able to commit more time to personal interests, in particular his philanthropic activities,”
Stanley Fink is valued to be worth around £8.3 billion, with his personal shareholding in value to £111 million.
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