Man Group

The company was founded by James Man in 1783 as a sugar cooperage and brokerage, based in Harp Lane in Billingsgate. The following year Man Group won the contract to supply the Royal Navy with rum for its daily rum ration, a tradition under which all sailors were allocated a daily rum ration. This tradition continued until 1970, with Man Group holding the contract throughout.{{cite web |url=http://www.mangroupplc.com/assets/pdf/media/timeline.pdf |title=Man Group: Timeline |access-date=18 April 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110216220802/http://www.mangroupplc.com/assets/pdf/media/timeline.pdf |archive-date=16 February 2011 }} The company expanded from sugar and rum into other commodities such as coffee and cocoa. The company traded as a commodities business throughout the 19th and 20th century, gradually diversifying into financial services following the advent of financial exchanges to hedge commodity exposures.

The firm was renamed ED&F Man in 1869, based on the initials of James Man's grandsons Edward Desborough Man and Fredrick Man. ED&F Man listed on the London Stock Exchange in 1994. In 2000 the company divided into two separate businesses, with Man Group plc focusing on financial services and ED&F Man (the commodities division) taken private in a management buy-out.{{cite web|url=http://www.strauscom.com/corigins/pkedfm01.html|title=Corigins|work=strauscom.com|access-date=30 March 2015}}

In 2007 Man Group transitioned to an investment management business, following the demerger and flotation of its brokerage business (known as MF Global) on the New York Stock Exchange.[https://archive.today/20120716191827/http://uk.reuters.com/article/hedgeFundsNews/idUKNOA12848620070601 Man Group's MF Global unit files for IPO] Reuters, 1 June 2007 Man Group attained its current structure through acquisitions. Man AHL, founded by Cyril Adam, David Harding, and Martin Leuck, was acquired from 1989 to 1994.{{cite web|url=https://www.rcmalternatives.com/2014/02/a-brief-history-of-man-ahl-winton-aspect/|title=A Brief History of Man AHL, Winton & Aspect|date=14 February 2014 |publisher= RCM Alternatives|access-date=24 October 2023}} Man Group's other investment managers were formed via acquisition between 2010 and 2017, beginning with the 2010 acquisition of Man GLG (previously GLG Partners) for $1.6 billion, followed by Man FRM in 2012, Man Numeric in 2014,{{cite news|url=https://archive.nytimes.com/dealbook.nytimes.com/2014/06/19/man-group-to-buy-bostons-numeric-holdings/|title=Man Group to Buy Numeric Holdings of Boston|date=19 June 2014|newspaper=New York Times|access-date=24 October 2023}} Man GPM in 2017 and Man Varagon (previously Varagon Capital Partners) in 2023.{{cite web |title=Completion of Acquisition of Varagon Capital Partners |url=https://www.man.com/completion-of-acquisition-of-varagon-capital-partners |access-date=24 October 2023 |website=www.man.com }}

In late 2017, Man Group announced the creation of a quantitative hedge fund in China. The firm has held licenses to operate in the country since 2012, but was provided clearance to operate as a private securities investment fund manager. Man is one of the first systematic investment managers to receive this accreditation. The fund was to be managed by Man's AHL division.[https://www.ft.com/content/cf0ac192-dc3e-11e7-a039-c64b1c09b482, Man Group to launch quant hedge fund in China] Financial Times, December 2017 In 2020, Man AHL received approval for a Qualified Foreign Institutional Investor ("QFII") license in China.{{cite web|url=https://www.man.com/man-ahl-receives-approval-for-qfII-license-in-china|title=Man AHL receives approval for QFII license in China|date=29 September 2020|publisher=Man Group|access-date=27 May 2022}}

Man Group employs over 675 staff, offers over 85 investment strategies across a variety of investment approaches, styles and asset classes, and trades in over 825 markets around the world.{{Cite web |title=Annual report 2023 |url=https://www.man.com/investor-relations}}

Robyn Grew was appointed as Man Group's CEO in 2023,{{cite web |title=Man Group appoints Robyn Grew as next CEO as Luke Ellis announces retirement |url=https://www.man.com/man-group-appoints-robyn-grew-as-ceo |access-date=24 October 2023 |website=www.man.com }} succeeding Luke Ellis who had held the role since September 2016.{{cite news|last1=Eschenbacher|first1=Stefanie|title=Luke Ellis, the New Man in Charge at Man Group|url=https://www.wsj.com/articles/luke-ellis-the-new-man-in-charge-at-man-group-1469033154|newspaper=Wall Street Journal|date=20 July 2016 |publisher=Dow Jones|access-date=10 November 2016}}

In September 2023, Man Group announced a number of changes to its senior management.{{cite web |title=Directorate Changes |url=https://www.man.com/man-group-announces-directorate-changes |access-date=24 October 2023 |website=www.man.com }} Anne Wade was appointed as Chair of the Board.{{cite web |title=Anne Wade |url=https://www.man.com/anne-wade |access-date=24 October 2023 |website=www.man.com }} She replaced John Cryan who been Chair of the Board since January 2020. In 2024 Man Group announced the appointment of Dixit Joshi and Sarah Legg as non-executive directors of the Company{{cite web |title=Man Group announces Anne Wade to take over as Chair in late 2023 |url=https://www.man.com/man-group-announces-anne-wade-to-take-over-as-chair-in-late-2023 |access-date=24 October 2023 |website=www.man.com }}{{Cite web |date=2024-05-08 |title=Former Credit Suisse CFO Dixit Joshi joins Man Group board |url=https://www.investmentweek.co.uk/news/4205718/former-credit-suisse-cfo-dixit-joshi-joins-man-group-board |access-date=2024-09-03 |website=Investment Week |language=en}}

RMF, a former division of Man Group, invested 0.5% of its funds under management at the time with various third-party funds which, in turn, had positions in funds ultimately managed by Bernard Madoff. RMF was one of 107 financial institutions and 13,000 individuals to invest in such funds. {{As of|2014}}, 59% of all such funds have been recovered and returned to various institutions and individuals.{{cite news|title=Madoff Trustee Tops $10 Billion Recovery With Bank Deal|url=https://www.bloomberg.com/news/articles/2014-01-07/madoff-trustee-to-get-543-million-in-jpmorgan-accord|website=Bloomberg.com|access-date=14 July 2015|first=Erik|last=Larson|date=8 January 2014}}

Man Group sponsored the Man Booker literary prize from 2002 to 2019.{{cite web|url=http://www.themanbookerprize.com |title=The Man Booker Prize |publisher=The Man Booker Prize |access-date=18 April 2011}}{{cite web |url=http://translatedlit.com/news/booker-prizes-lose-major-sponsor/ |title=Booker Prizes Lose Major Sponsor|access-date=27 January 2019}} Described by The Telegraph as "...arguably the UK's most prestigious" literary prize, the £50,000 award was created in 1973 to increase the reading of quality fiction and attract "the intelligent general audience".{{cite news|title=Top 25 Literary Prizes|url=https://www.telegraph.co.uk/culture/books/bookprizes/10139413/top-literary-prizes.html|website=Telegraph.co.uk|access-date=17 June 2015|location=London|first1=Jon|last1=Stock|first2=Kealey|last2=Rigden|date=15 October 2013}}{{cite web|title=The Prizes|url=http://www.themanbookerprize.com/background|publisher=Man Booker|access-date=17 June 2015|url-status=dead|archive-url=https://web.archive.org/web/20150618182115/http://www.themanbookerprize.com/background|archive-date=18 June 2015}}

Man Group supports various charitable initiatives focused on promoting education, which are run primarily through the Man Charitable Trust and the Man US Charitable Foundation.{{cite web |date=1 March 2022 |title=Man Group annual report 2021 – page 45 |url=https://www.man.com/investor-relations}}

Set up in 1978, The Man Charitable Trust is an independent registered charity that funds small to medium-size charities focusing on literacy and numeracy programmes. It also funds programmes in support of access to education for disadvantaged people. In 2019, Man Group launched the Man US Charitable Foundation to provide funding and volunteering opportunities in the US. In 2021, Man Group donated $4 million to both charities.{{cite web|title=Our Supporters|url=http://www.beanstalkcharity.org.uk/support-us/our-supporters|publisher=Beanstalk|access-date=14 July 2015|url-status=dead|archive-url=https://web.archive.org/web/20140720033822/http://www.beanstalkcharity.org.uk/support-us/our-supporters|archive-date=20 July 2014}}

In June 2007 Man launched a joint project with the University of Oxford, the Oxford-Man Institute of Quantitative Finance. Man Group's initial financial commitment to the institute was £13.75 million, one of the largest single donations to a British higher education institution in recent years.[http://www.admin.ox.ac.uk/po/news/2006-07/sep/19.shtml Oxford-Man Institute of Quantitative Finance officially opened] {{Webarchive|url=https://web.archive.org/web/20160312082548/http://www.admin.ox.ac.uk/po/news/2006-07/sep/19.shtml |date=12 March 2016 }} University of Oxford, 19 September 2007 In 2016 the Oxford-Man Institute expanded its focus on machine learning and data analytics, becoming part of the University of Oxford's Department of Engineering Science. The development of the OMI's focus creates a hub for machine learning and data analysis at Eagle House, the current home of the OMI and Man AHL's Oxford Research lab.{{cite web|title=Areas of research|url=http://www.oxford-man.ox.ac.uk/Areas-of-research|website=Oxford-man.ox.ac.uk|publisher=Oxford Man Institute|access-date=17 June 2015|archive-date=18 June 2015|archive-url=https://web.archive.org/web/20150618070033/http://www.oxford-man.ox.ac.uk/Areas-of-research|url-status=dead}}

In December 2019, The University of Oxford and Man Group announced that funding support for the Oxford-Man Institute (OMI) had been agreed for a further five years.{{cite web |title=Man Group extends Oxford-Man Institute funding |url=https://eng.ox.ac.uk/news/man-group-extends-oxford-man-institute-funding/ |access-date=27 May 2022 |website=eng.ox.ac.uk }}

In 2023 Man Group established a strategic asset management partnership with Fideuram – Intesa Sanpaolo Private Banking designed to generate innovative new investment opportunities for F-ISPB’s clients. The agreement saw Man Group take a 51% interest in Asteria, a Geneva-based, ESG–oriented asset manager, including its existing fund range.{{Cite web |url=https://citywire.com/selector/news/man-group-completes-takeover-of-swiss-esg-focused-fund-manager/a2429380 |access-date=2024-09-03 |website=citywire.com|title=Man Group completes takeover of Swiss ESG-focused fund manager}}

In 2023 Man Group announced its partnership with the Columbia Center on Sustainable Investment to  conduct research addressing how climate impact is defined and measured in fixed income and equity portfolios.{{Cite web |title=HedgeWeek article |date=7 December 2023 |url=https://www.hedgeweek.com/man-group-forms-research-partnership-with-columbia-center-on-sustainable-investment/}}

Man Group is a former sponsor of the Man Group International Climate Change Award and the Man Asian Literary Prize.{{cite web|author=MALP News |url=http://www.manasianliteraryprize.org |archive-url=https://web.archive.org/web/20061107202522/http://www.manasianliteraryprize.org/ |url-status=usurped |archive-date=7 November 2006 |title=Man Asian Literary Prize |publisher=Man Asian Literary Prize |access-date=18 April 2011}}{{cite web |last=Allen |first=Katie |title=Asian Literary Prize seeks new sponsor |url=http://www.thebookseller.com/news/asian-literary-prize-seeks-new-sponsor.html |publisher=The Bookseller |date=18 October 2012 |access-date=19 November 2012 }}{{Dead link|date=January 2025 |bot=InternetArchiveBot |fix-attempted=yes }} In the 1990s, Man was a founding member of the East London Partnership, which became the East London Business Alliance, a business-community outreach charity promoting corporate social responsibility and employee volunteering.{{cite book |last1=Ball |first1=Stephen J. |last2=Junemann|first2=Carolina|date=2012 |title=Networks, New Governance and Education |url=https://books.google.com/books?id=XGjkemFLLHoC&q=%22east+london+business+alliance%22&pg=PA89 |page=89: 'And Man was a founding member of what was called East London Partnership, which became East London Business Alliance, a business-community outreach charity promoting corporate social responsibility (CSR) and employee volunteering|publisher=Policy Press |isbn=9781847429797 |access-date=1 September 2014}}

{{Portal|Companies}}

• List of investors in Bernard L. Madoff Securities

{{reflist}}

• Jenkins, Alan C., 1989, The House of Man, London, UK: Rainbird Publishing. {{ISBN|0-09-995370-6}}

• [https://www.man.com Official site]

{{FTSE 250 Index constituents}}

{{Major asset management companies}}

{{Hedge funds}}

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Category:Financial services companies based in the City of London

Category:Companies listed on the London Stock Exchange

Category:Hedge fund firms in the United Kingdom

Category:Madoff investment scandal

Category:Financial services companies established in 1783

Category:1783 establishments in England

Category:British companies established in 1783

Category:Companies in the FTSE 250 Index