Man Group Hires Flamand After Closing of His FirmJesse Westbrook
Man Group Plc, the world’s biggest publicly traded hedge-fund manager, hired Pierre-Henri Flamand after the former Goldman Sachs Group Inc. proprietary trader closed his own firm last year.
Flamand will join Man Group’s GLG Partners unit this year as a senior money manager, the London-based company said in a statement on its website today. Flamand, 43, will invest globally, focusing on catalyst-driven trades related to corporate transactions such as mergers, share buybacks and bankruptcies, according to the statement.
Flamand announced in November 2012 that he would shut his hedge-fund firm, Edoma Partners LLP, after clients pulled money amid investment losses. He started London-based Edoma in 2010 after stepping down as head of Goldman Sach’s biggest proprietary-trading unit, a pedigree that helped him raise more than $2 billion from investors for his firm.
Now, Flamand is making a second attempt at managing money outside a bank without the added responsibilities of fundraising and running a company. He follows other bank traders who have gone to existing hedge-fund firms such as Brevan Howard Capital Management LP and BlueCrest Capital Management LLP, instead of starting their own funds.
“Man Group’s focus on performance, exceptional global resources, strong infrastructure and commitment to innovation differentiate the firm and create the optimal environment to deliver value for clients,” Flamand said in the statement.
At Man Group, Flamand will work again with Chief Executive Officer Emmanuel Roman, who left Goldman Sachs in 2005 for GLG.
Roman, 50, joined Man Group in 2010 after it bought GLG for $1.6 billion. Roman was promoted to CEO of Man Group in February 2013 when his predecessor stepped down following a 70 percent slump in the company’s share price over the preceding two years. Man Group manages $54.1 billion.