Fink to Hand over the Reins at Hedge Fund Manager Man Group
Parkinson, Gary, The Independent (London, England)
Stanley Fink, consistently among the best-paid of Britain's chief executives, revealed yesterday he is to take a back seat at Man Group.
After forging the former commodities broker into the world's biggest listed hedge-fund manager over the past two decades, he is to step down in April.
Mr Fink will become nonexecutive deputy chairman and retain his role as chairman of the strategic investment committee of Man Investments.
Peter Clarke, the finance director, will become Man's chief executive. He has worked for Man for 13 years and joined the board in 1997, becoming finance director three years later and group deputy chief executive last year. His replacement will be named in due course, Man said.
Mr Fink, who will be 49 this month, took over in 2000. Since then, funds under management have surged from $4.7bn to $54bn (pounds 37bn). Over the six years, Man has delivered an impressive total return to shareholders of 487.4 per cent, against 18.6 per cent by the FTSE All Share index.
The shares have more than quadrupled during that time. They eased 4p to 432p yesterday on the surprise news of Mr Fink's departure, valuing the London - based company at pounds 8.24bn.
At slightly more than $1. …