Moreno exits Man Group
HEDGE fund giant Man Group yesterday said Glen Moreno, temporary chairman of UK Financial Investments (UKFI) that runs the government’s stakes in bailed-out banks, is stepping down from its board.
Moreno, who has served as a non-executive director at the world’s largest listed hedge fund firm for 15 years, is being replaced by Land Securities chairwoman Alison Carnwath. The resignation will fuel speculation Moreno is planning on becoming permanent chairman of UKFI, as he has already stayed longer than expected in the role.
News of Moreno’s exit came as the group reported a 64 per cent pre-tax profit fall in the year to end-March, as institutional investors continued to withdraw funds. Man said profits for the year were $743m (£466m), compared to $2.1bn (£1.3bn) in the previous year, as precipitous falls in assets saw its income from management fees dive.
It said it has seen its assets under management fall by a further $2.6bn (£1.6bn) to $44bn (£27.6bn) in the eight weeks following March – this comes after a $900m (£564m) asset fall over the financial year to end-March. Man chief executive Peter Clarke said it has not been immune to the global turmoil – reasonably strong private client inflows were offset by precipitous institutional outflows.
But he said the firm is in a good position to boost market share an it also maintained its dividend.