The president of London-based hedge fund firm Man Group has stepped down for another role, the firm announced Wednesday.
It’s unclear where Jonathan Sorrell, who joined the firm in 2011 as its head of strategy and corporate finance, will land next. He hasn’t yet shared his plans, said a source familiar with the matter.
“Jon has contributed hugely to the firm over the past eight years, first as chief financial officer, and then as president,” said Luke Ellis, the firm’s chief executive officer, in a statement.
“Among his many achievements, Jon was instrumental in managing the firm’s cost base during particularly challenging times for the business, helping to create the strong, resilient firm we have today,” he added.
The firm will not be hiring a replacement for the role, according to a source familiar with the matter. In addition to serving as Man Group’s president, Sorrell was also the executive director on the company’s board, according to the announcement.
“As president, [Sorrell] has championed our important move into private markets and helped establish a strategic vision and first-class distribution platform with our sales team, creating foundations that will stand us in good stead for years to come,” Ellis said.
[II Deep Dive: Man Group Takes Eyes off Booker Prize]
Prior to joining Man Group, Sorrell served as a managing director at Goldman Sachs, where he managed the firm’s private equity investment vehicle, Petershill Fund, Man Group’s website shows. Prior to leading that group, he served as chief operating officer of sales and securities and worked in the financial institutions group in the firm’s investment banking division.
He spent a total of 13 years at Goldman Sachs. Sorrell did not respond to a message seeking comment on his next move.
As of June 30, Man Group managed $114.4 billion in client capital, according to company figures.