New York/London: Goldman Sachs Group Inc said Jonathan Sorrell will leave to join Man Group Plc, the world's biggest hedge-fund manager, as head of strategy.
Sorrell, who ran the bank's Petershill fund, will be replaced by Ali Raissi, Goldman Sachs spokeswoman Joanna Carss said by telephone Tuesday. The pool, started in 2007, makes minority investments in money managers such as hedge funds.
Man Group, which manages $71 billion (Dh260 billion), bought hedge fund operator GLG Partners for $1.6 billion in October to help cut its reliance on Man AHL Diversified Plc, a computer-driven investment programme. "Challenging market conditions" led to a $1.1 billion decrease in the value of Man Group's funds in the three months ended June, the firm said in July. Shares of the London-based company have slumped 35 per cent this year.
Confirmation
Sorrell will join the firm next Tuesday and will also sit on the firm's executive committee, Man said in an internal memo to employees. Spokesman George Trefgarne confirmed the appointment, reported yesterday by the Financial Times.
Jonathan Sorrell's brother Mark is co-head of UK investment banking at Goldman Sachs in London, while his brother Robert left the bank last year to start Sorrell Capital, his own fund. Their father is Martin Sorrell, chief executive officer of London-based advertising agency WPP Plc.
The Petershill Fund bought a 10 per cent stake in October 2007 in the then $10 billion Winton Capital Management, a London-based fund that trades based on computer models.
