Man Group Plans to Expand Into Real Estate After Hiring Websterby and
Man Group Plc, the world’s largest listed hedge-fund manager, hired Stuart Webster from Brompton Asset Management to lead a unit that will invest in real estate.
Webster started at London-based Man Group this month, according to his LinkedIn profile. The company confirmed the appointment in an e-mail on Wednesday. Webster was previously head of real estate funds at Brompton.
The real estate hire is part of Man Group’s strategy to "explore new and complementary ways" to leverage the firm’s resources, Chief Executive Officer Manny Roman said in a statement. "We continue to explore potential acquisitions and appointments in the private markets, fund of funds and long only spaces as we seek to develop and broaden our offering."
Man Group retained $480 million in surplus capital to fund potential acquisitions after being unable to find deals at acceptable prices last year. The firm managed $78.7 billion at the end of 2015, a year for which it reported a 17 percent profit decline as performance-fee revenue and margins dropped.