Struggling hedge fund group Man has lost its second key executive in a week with the sudden departure of its finance director.
The company, which lost its place in the FTSE 100 index of leading shares following Friday's night's market close, said Kevin Hayes was leaving "to pursue other professional and personal interests." The departure follows last week's news that Darren Upton, head of research methodology who was involved in developing Man's key AHL fund, was leaving to join rival ISAM.
Hayes' replacement as finance director will be Jonathan Sorrell, Man's head of strategy and corporate finance and the son of WPP chief Sir Martin Sorrell who has been in the news himself after a recent pay row.
The departures come as Man is trying to regain investor confidence after poor performances at AHL and its recent major acquisition GLG. Its shares are steady at 72.8p.
