By Iain Withers and Sinead Cruise
LONDON (Reuters) – Man Group will be led by two women for the first time in its history by the end of this year, after the London-listed hedge fund group said its long-standing CEO Luke Ellis will be succeeded by current president Robyn Grew.
Ellis, who first joined Man Group in 2010 and will retire in September, said in a statement on Thursday it was “the right time to pass the reins” and welcomed Grew’s appointment.
Grew’s appointment elevates her position as one of the most powerful women in fund management and means Man’s top roles will both be held by women when Chairman John Cryan makes way for Anne Wade towards the end of 2023.
The shake-up will likely be seen as a milestone for the hedge fund industry, which has long attracted criticism for a lack of diversity in its top ranks.
“Mr Ellis is well regarded and his retirement may be seen as a blow by many investors. But Ms Grew is a continuity candidate with experience including solutions, trading, execution and as group COO,” analysts at Credit Suisse said in a note.
Shares in the company gained 1% in early trading.
Grew – a former Barclays Capital and Lehman Brothers banker – has worked at Man for 14 years and is a member of the company’s senior executive committee.
Based currently in the United States, Grew will relocate to Britain following her appointment, Man said.
Ellis, 60, will continue as CEO of Man until Sept. 1, when Grew takes over.
The company, which manages more than $144 billion of assets, said its board had identified potential internal successors in advance of Ellis’ decision to retire, with the assistance of an external executive search firm, and was pleased to implement its succession plans.
(Reporting by Iain Withers and Sinead Cruise; Editing by Bernadette Baum)
