Clarke, who has headed the company since 2007, will leave on 28 February next year and be replaced by Emmanuel Roman, the group’s president and chief operating officer.
The departure comes as the company battled adverse market conditions and a declining share price. Returns from its flagship AHL fund have failed to live up to historical returns while the company’s stock is down about 40% over the year.
Man has launched a number of efforts to revive its fortunes in recent months, including a cost-cutting programme and the appointment of former Goldman Sachs executive Jonathan Sorrell as finance director.
Clarke commented: “It has been a great privilege to have been at Man for nearly twenty years. During that time I have been proud to have played a part in Man’s transformation from a commodities trader and futures broker into one of the world’s leading alternative asset managers.”
Roman added: “These are tough times for the asset management industry, as for many parts of financial services.
“However by intensifying our focus on delivering performance for investors in our funds, strengthening and deepening our relationships with clients and maintaining pressure on costs, I am confident that we can deliver significant long-term value.”
