LONDON (Reuters) - Peter Clarke, the chief executive officer of embattled hedge fund firm Man Group, is set to step down and could announce his departure as early as Monday, Sky News reported.
Clarke will retire early next year, handing over the reins to Emmanuel Roman, Man’s current chief operating officer, Sky said, citing unnamed insiders.
Clarke, who has been in the top job at Man since 2007, has been under growing pressure over the past two years.
Despite repeated attempts to restore investor confidence, the London-based former FTSE 100 company suffered a fifth straight month of client exits in October after poor returns from its flagship AHL fund, while its share price has halved since late last year.
According to Sky, Jon Aisbitt, Man’s chairman, sounded out leading investors in recent weeks about the move to bring Roman in as CEO before the spring of 2013.
The details of the transition were agreed at a Man board meeting last week, Sky said.
Roman joined Man in 2010 after its now widely-criticized takeover of hedge fund firm GLG for $1.6 billion.
Man Group declined to comment.
Reporting by Tommy Wilkes; Editing by David Cowell