Money: Man Group president Sorrell quits for rival asset manager - PressFrom - United Kingdom
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MoneyMan Group president Sorrell quits for rival asset manager

04:15  11 september  2019
04:15  11 september  2019 Source:   news.sky.com

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Mark Read tipped to succeed Sir Martin Sorrell , who quit amid allegations of misconduct. The former president of Sony Entertainment is a highly respected legal mind who has provided legal counsel for a string of major companies and is a former clerk for a US supreme court justice.

Mr Sorrell joined Man Group in 2011 as the head of strategy and corporate development from Goldman Sachs, where he was a managing director. He will be co- president alongside Luke Ellis, who has been president with responsibility for investment managers and products since 2011.

Man Group president Sorrell quits for rival asset manager © Other Jonathan Sorrell was appointed president of Man Group in 2016. Pic: Man Group The FTSE-250 hedge fund manager which sponsored the world's most prestigious literary award will suffer a blow on Wednesday when it announces that one of its top executives has resigned.

Sky News has learnt that Man Group will announce in a statement to the London Stock Exchange that Jonathan Sorrell, the company's president, is leaving.

City sources said on Tuesday night that Mr Sorrell, who has worked for Man Group for eight years - initially as its chief financial officer - was moving to a senior role elsewhere in the asset management sector.

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Martin Sorrell , who built WPP into the world's biggest advertising agency through 33 years of deal making, has quit after an allegation of personal misconduct. Mr Sorrell had built a two- man outfit into one of Britain's biggest companies with 200,000 staff in 112 countries.

Mr Sorrell will leave with Man's assets under management at an all-time peak of $114bn (£91.7bn).

His decision to quit will come just days after The Times reported that Lord Livingston of Parkhead, Man's chairman, was on the verge of quitting amid tensions with Luke Ellis, the company's chief executive.

Mr Ellis replaced Manny Roman, who left to join the giant bond house Pimco in 2016, at the helm of the world's largest listed hedge fund manager.

Sources insisted that Mr Sorrell's departure was entirely unconnected to other potential boardroom changes at Man.

The company's investment performance has been strong so far this year, although it has continued to see net outflows in line with many of its peers.

Mr Sorrell led an ambitious restructuring programme as well as a series of acquisitions, including that of Numeric, aimed at growing Man's US business.

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Women who quit KPMG over bullying launch rival consulting firm. In an email to employees, Man Group chief executive Luke Ellis and president Jonathan Sorrell The company’s global assets under management have swelled to 4bn despite mixed performance and a flagging share price.

He quit following an inquiry commissioned by WPP’s board into a whistle-blower’s allegation of “personal misconduct” and misuse of company assets “I have no doubt every competitor is getting ready to swoop [in on its clients],” says a senior executive at a rival advertising giant.

As the company's president since 2016, he launched a private markets business for the group and managed its fund-of-hedge funds business, FRM.

It was unclear on Tuesday which firm Mr Sorrell - whose father is Sir Martin Sorrell, the advertising mogul - was leaving Man to join.

A leading sector analyst told Sky News that Mr Sorrell's exit would be seen by investors as a blow to Man.

"As CFO, he was the best in the asset management sector in terms of improved profitability, forward guidance and transparency," the analyst, who declined to be named, said.

"Jonathan oversaw Man's M&A strategy during a period when its acquisitions were noted for their quick integrations and reasonable valuations, in addition to the fact they helped diversified Man's geographic reach and product offering."

The hedge fund manager's sponsorship of the Booker Prize, which began in 2002, came to an end this year.

Man declined to comment, while Mr Sorrell could not be reached.

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