Robyn Grew takes the helm! Man group names first woman CEO in 240 years
Robyn Grew
Man Group Plc has named its first female CEO in the company's 240-year history.
Robyn Grew, 54, will succeed Luke Ellis, 60, who will step down as CEO of the world's largest publicly listedhedge fund company on September 1, according to a statement released Thursday. Grew, who joined Man Group in 2009 and is presently its president, will relocate to the United Kingdom for the position but will continue to spend a significant amount of time in the United States, as reported by Bloomberg.
According to a second announcement issued in February, the firm appointed Anne Wade as its first female chairman to replace John Cryan, who is retiring at the end of 2023.
As per aMarch Preqin survey, women make up only 21.3per centof employees in thousandsof hedge funds and other alternative investment firms worldwide. They only hold 13.6 per centof senior positions, and the proportion of female board members is much smaller, at 10.3per cent, according to the data provider.
In some parts of the industry, some progress has been made. SurgoCap Partners, founded by Mala Gaonkar, launched her hedge fund with $1.8 billion under management, the highest debut for a woman-led hedge fund in history.
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James Man began Man Group in 1783 as a barrel maker-cum-brokerage on Harp Lane, roughly 500 metres from its current London location along the Thames.
Over the next two centuries, it supplied rum to the Royal Navy and sold commodities such as coffee and sugar until focusing solely on financial services.
The company has lately defied a pattern of withdrawals from the hedge fund sector by recruiting investors through a diverse variety of funds ranging from long-only to alternative money pools. Clients allocated a net $1.1 billion to its funds in the three months through March, above the expectations of analysts.
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Ellis took over as CEO in 2016. Under his direction, the company has expanded its range of goods and converted itself into a diversified asset manager. Assets have increased to almost $145 billion, up from around $81 billion when he took charge.
Grew joined the company in 2009 after working at Barclays Plc, Lehman Brothers, and LIFFE, London's main futures and options market, which has since been rebranded ICE Futures Europe, according to the statement.
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