A man with a plan: Man Group’s Peter Clarke in profile
Having engineered the acquisition of GLG Partners in 2010, Man Group CEO Peter Clarke has ambitions to grow the combined business, particularly in the fast-growing Asia Pacific region.
A hedge fund group with a pedigree of over 200 years is not exactly typical.
Man Group, however, has defied all the hedge fund rules. Starting off as a sugar cooperage and brokerage at Harp Lane in the City of London in 1783, Man remains, in some ways, close to its roots.
In July this year chief executive Peter Clarke welcomed the Chancellor of the Exchequer George Osborne to open officially the group’s new office at Swan Lane, a bit upriver from its old location at Sugar Quay, and not too far away from its original home on Harp Lane.
While physically the group may not have moved very far, as a company it is light-years from the original business which moved into commodities trading in 1802 and from there into hedge funds in 1989.
As chief executive of the largest hedge fund organisation in the world, with around $71bn assets under management, Clarke’s focus is on finding ways to develop and grow the business. For him the challenges still lie ahead.
Clarke emphatically came out from under the shadow of former chief executive Stanley Fink, who made Man into a multi-billion dollar business, when he orchestrated the successful purchase of GLG Partners in 2010.
Although in its own right a multi-billion dollar hedge fund, GLG, founded in 1995 by three ambitious former Goldman Sachs traders, clearly saw the benefits of teaming with the more established and corporate Man Group.
Although much has been written about the cultural differences between Man and GLG – mostly centred on the more typical hedge fund casual style at GLG contrasting with the buttoned-up computer-driven approach of Man’s flagship AHL division – Clarke certainly is not worried about any culture clash.