Man Group is retiring the GLG, Man World Personal Markets and Varagon manufacturers because it strengthens its concentrate on the credit score market.
The hedge fund group – which manages round $161bn (£127.4bn) in belongings – is merging its discretionary buying and selling items in a reorganisation that features the departure of GLG’s chief govt Teun Johnston, in response to an inner communication seen by Bloomberg Information.
The transfer marks the primary main change underneath new chief govt Robyn Grew, who took over the helm final September.
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Man Group acquired US non-public credit score supervisor Varagon final yr. The workforce will be a part of the widened discretionary division, alongside the agency’s non-public markets enterprise.
Eric Burl will probably be chargeable for the brand new division, which could have core items of public markets, US direct lending and group housing.
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“The brand new construction for discretionary will facilitate freer cross-pollination of concepts – significantly in credit score – and make it far simpler to ship bespoke, high-quality options to purchasers by means of a single operational platform,” Grew and Burl stated within the inner be aware seen by Bloomberg.
A spokesperson for Man Group declined to remark to Bloomberg.
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