Hedge fund giant Man Group has named a new chief executive for its fund-of-funds business.
Michael Turner was promoted to CEO of Man FRM after serving as the units chief operating officer since 2012, according to a statement Tuesday from Man Group. Deputy COO Rachel Waters will succeed Turner.
Man Group bought the fund-of-funds business in 2012. The firm has since focused on integrating Man FRM, with a particular emphasis on developing client services that benefit from all of the London-based asset managers resources and expertise, according to the announcement.
This appointment reflects the transformation of Man FRMs business in recent years as we evolve into a provider of customized solutions for our clients, Keith Haydon, Man FRMs investment chief, said in the statement. Mikes leadership will be instrumental as Man FRM continues to grow and diversify its offering and increase collaboration across the Man Group platform.
[II Deep Dive: Man Group Seeks to Build a Colossus With GLG Partners]
As Man FRMs COO, Turner was responsible for investment infrastructure and overseeing teams working on quantitative analysis, managed accounts and client services. In his new role, he will serve on Man Groups executive committee and lead Man FRMs management committee.
Turner joined the fund-of-funds business, formerly known as FRM Holdings, in 2007. Before that, he served in research roles at Aspect Capital and Citigroups European investment banking arm, then known as Schroder Salomon Smith Barney.