GLG Partners has completed its takeover of the Man Group from within, two years after Man paid $1.6 billion for the pleasure of sinking into irrelevance.
Man Group CEO Peter Clarke will step down early next year and hand the reins at the world's largest publicly-listed hedge fund to former GLG Partners executive Emmanuel Roman.
Seven years ago, Roman was just another drone at Goldman Sachs. Now, he gets to preside over Man's inevitable acquisition by a larger, healthier firm.
Man has suffered outflows for five straight quarters, its stock price has halved and its flagship AHL strategy has continued to suffer from poor performance and remains well below its high water-mark.
Roman acknowledged that he faces "tough times for the asset management industry" when he takes over.
Man CEO To Quit, GLG's Roman Will Take Over [FINalternatives]