June 16 (Bloomberg) -- Man Group Plc named a pair of executives from its hedge-fund subsidiaries as co-chief operating officers for the company’s U.S. business.
Lance Donenberg, chief operating officer of GLG Inc., and Jordan Allen, who holds the same position at Ore Hill Partners LLC, assume the joint role as the London-based firm expands its U.S. presence, Man Group said in a statement released today on PR Newswire. Both executives will report to Emmanuel Roman, Man’s chief operating officer.
Man bought GLG in October for $1.6 billion to reduce the parent company’s dependence on Man AHL Diversified Plc, a computer-driven investment program that accounted for about one-third of assets as of March. After acquiring half of New York-based Ore Hill in 2008, Man bought the remaining 50 percent stake of the high-yield loan fund in May.
“Expanding our U.S. business is a core part of our strategy going forward," Roman said in the statement.
Man is an alternative-asset management company that oversaw about $69 billion as of March 31. Shares fell 1.8 percent to 228.4 pence at 2:47 p.m. London time.
Donenberg, 42, will focus on sales, business development and distribution relationships, according to the release. Allen, 48, will oversee U.S. business operations and also work as chief financial officer.
The company also said it appointed Tim Gullickson as managing director in the Client Advisory Group. Gullickson, who formerly was managing director and head of business development at Stark Investments in St. Francis, Wisconsin, is based in Man’s Chicago office, according to the release.
Kelly Smith, a spokesman for Man Group, declined to comment on the appointments.
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