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Finetre, ADP Join To Streamline Annuity Processing

Automatic Data Processing's Brokerage Services Group and Finetre have entered into a partnership agreement to offer broker-dealers an automated annuity processing system.

Stanley Fink is leaving his position as CEO of Man Group after 19 years to spend more time on philanthropic activities. The London-based firm stated in a release that effective April 7 group finance director Peter Clarke will succeed Fink, who will remain as chairman of the Strategic Investment Committee of Man Investments as well as non-executive deputy chairman. Under FinkÕs leadership as CEO, which began in 2000, ManÕs assets surged from $4.7 billion to $54 billion, helping boost his annual pay $11 million, thus making him one of the U.K.Õs top earners. Recently, Fink expanded ManÕs horizons with the acquisition of RefcoÕs brokerage arm and a 70% stake of Eurex. He is well known for his philanthropy, ranking 11th in the Sunday Times Giving Index. Clarke, who joined Man in 1993, has won the approval of at least one investor. ÒFink has done a good job, but Clarke is one of the best CFOs I met,Ó fund manager Joerg Schneider of GermanyÕs Union Investment, told Bloomberg News. ÒHe will be a good follow up.Ó

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