| LONDON, April 12
LONDON, April 12 Man Group has hired a
co-head of foreign exchange for its $21 billion flagship fund
AHL, as the London-based hedge fund manager tries to revive
performance at its key computer-driven unit.
Ravi Chari, who has worked for 12 years in systematic
trading at hedge funds, joins Man from computer trading firm
IKOS, where he headed its futures and foreign exchange funds,
Man said in a statement on Thursday.
Chari will work in the newly-created role alongside David
Denison, the current head of foreign exchange at AHL, which
employs around 130 people.
"It's an area where we see a lot of opportunities," said a
Man spokeswoman, adding that around one-fifth of AHL's portfolio
is in currency trading.
The hire comes after a difficult period for AHL, which --
despite Man's $1.6 billion purchase of fund firm GLG in 2010 --
is still key to its success. Last year around 70 percent of
Man's revenues were generated by AHL funds or funds that
allocate to AHL.
The fund tries to make money following trends in global
futures markets but last year it fell 6.4 percent as its
programmes focusing on short-term market movements were hit by
market volatility. So far this year it has lost 2.1 percent.
Man Group's shares have also suffered, partly as a result of
AHL losses, and have roughly halved since September. At 1136 GMT
they were 1.9 percent lower at 113.6 pence.