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December 14, 2012
Can Manny Roman Wake Up a Sleeping Man Group?
Man Group faces stinging criticism after five quarters of net capital outflows. CEO-designate Manny Roman has a big job in front of him.
By Neil Sen
Changing of the Guard: Manny Roman (right) will be replacing Man CEO Peter Clarke in February
When U.K. Chancellor of the Exchequer George Osborne officially opened Man Groups new City of London office in July 2011, not long after cutting the ribbon at a similar ceremony for Japanese bank Nomura, he joked, When I did this at Nomura, the whole thing almost fell down. Happily, both buildings still stand, but, less happily, both firms are now in crisis. Mans CEO for the past five years, Peter Clarke, said on December 10 that he will be stepping down in February after more than a year of capital outflows and disappointing performance. Its not clear, however, how CEO-designate Emmanuel (Manny) Roman, the president and COO, can turn things around.
A change of leadership is unlikely to have a material, near-term impact in itself, says Peter Lenardos, a financial services analyst at RBC Capital Markets in London. Man needs to continue to focus on fund performance, gathering assets and ensuring that its funds are fairly priced from a competitive point of view.....