Man GLG chief executive Teun Johnston (pictured) will leave the company as it reorganises under the discretionary division.
In a report first published by Bloomberg, an internal communication confirmed that Man Group will also be reprioritising its hedge fund content and scrapping its GLG, Man Global Private Markets and Varagon brands as it goes through its first year under CEO Robyn Grew, who took over for Luke Ellis in September.
Johnston joined Man GLG in 2012 and worked first as head of product strategy. Previously, he worked at Amundi-AI and Arthur Anderson. Man Group declined to comment on Johnston’s departure.
Man Group’s current structure is split across six divisions including AHL, numeric, GLG, GPM, and Varagon. As of September 2023, Man GLG managed $28.6bn (£22.72) in total assets while the whole of Man Group held $161.2bn assets under management.