Now, this isn’t the first time a firm has paid handsomely for what amounts to a reverse-merger. And it has yet to prove as disastrous. But incoming Man CEO Manny Roman isn’t at all shy about making clear who took over who.
The overhaul will amount to a significant consolidation of Mr Roman’s own power base in the company and will indicate the extent to which he will exercise far more executive control over its day-to-day operation.
A management reshuffle will close to double the size of Man’s executive committee. The committee, under which Mr Clarke met monthly, will now meet weekly.
Roman’s plan is to merge Man’s flagship AHL strategy with GLG and its fund of funds business, FRM. Ex-GLG adviser Luke Ellis will lead the combined unit as president. Another GLG vet, Sandy Rattray, takes over AHL, and GLG COO Mark Jones gets a promotion to CEO of the unit. And GLG vet Simon White takes over as head of operations and technology. All will be members of the expanded management committee.