Man Group Plc’s (EMG) GLG hedge-fund division hired a Pacific Investment Management Co. trader and a senior adviser at the World Bank as it expands products focused on bonds, emerging markets and macro-economic trends.
Pimco’s Kumaran Damodaran joins GLG as a portfolio manager trading emerging-market fixed income, London-based Man Group said in a statement today. The World Bank’s Brian Pinto was hired as a senior macro-economist who will also focus on emerging markets, GLG said. Man Group also named two co-heads of a newly combined macro and fixed-income arm at GLG.
Man Group is shaking up GLG’s staff after its $1.6 billion acquisition of the London-based hedge-fund manager in 2010 failed to boost the company’s share price. Man Group has fallen about 70 percent over the past two years after losses at its biggest hedge fund, the AHL computer-driven strategy, lost money and clients pulled money.
Bart Turtelboom and Karim Abdel-Motaal, who led emerging-market hedge funds at GLG, will be leaving the firm at the end of the month as part of the changes, said David Waller, a spokesman for Man Group. GLG hired Turtelboom and Abdel-Motaal in 2008 from Morgan Stanley. (MS)
Sudi Mariappa and Jamil Baz will jointly lead the new macro and fixed-income group, Man said today. Mariappa joined GLG in October after heading an $80 billion fixed-income unit at Newport Beach, California-based Pimco, Man Group said. Baz, who manages GLG’s Atlas Macro hedge fund, joined the firm in 2008 from Pimco.
The company also announced that Richard Bateson, a strategist at AHL, has moved over to GLG as a senior quantitative analyst.
Shares of Man Group, the world’s biggest publicly traded hedge-fund firm, rose 3.05 pence, or 3.5 percent, to 90.65 pence as of 12:26 p.m. in London, giving the company a market value of 1.7 billion pounds ($2.7 billion). The shares are up 24 percent since the company announced on Dec. 10 that Emmanuel Roman would replace Peter Clarke as chief executive officer.
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