Man Group to Name Ex-U.K. Trade Minister Livingston as Chair

Man Group Plc plans to name Ian Livingston, Britain’s ex-trade minister and a former telecommunications executive, to succeed Jon Aisbitt as chairman of the world’s largest publicly traded hedge fund.

The appointment still needs approval from the U.K.’s Financial Conduct Authority, Man Group said in a statement Monday. The company said in May that Aisbitt would retire next year after eight years as chairman.

Man Group has been restructuring to reduce its dependence on its computer-driven hedge funds that lost money after the financial crisis. Its shares still trade about 77 percent below their peak in 2007.

Livingston, 51, was chief executive officer of BT Group Plc from 2008 to 2013. The government of Prime Minister David Cameron recruited him as trade minister in December 2013, a role that ended with a new cabinet after elections in May.

Aisbitt, a former Goldman Sachs Group Inc. executive, joined Man Group as a non-executive director in 2003 and became chairman in September 2007.

London-based Man, founded in 1783 as a Thames-side barrel maker, had assets under management of $76.8 billion at the end of September, making it the world’s largest hedge fund manager.

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