23 Aug 2011
Jonathan Sorrell is to join Man Group from Goldman Sachs as head of strategy and corporate finance with a remit to help the firm jump-start its presence in the US and Asia. He takes up the role next week.
Sorrell, aged 33, has over a decade of transactional and operational experience in the investment management, securities and investment banking divisions at Goldman where he was a managing director. In recent years, he has lead the investment bank’s foray into buying stakes in a variety of hedge fund firms through the private equity-styled Petershill Fund, which has attracted backing from several top Goldman clients, including sovereign wealth funds.
Sorrell will become the youngest member of Man’s top level executive committee or ExCo and will help formulate and execute strategy group wide. He will report directly to Peter Clarke, chief executive, who originally joined Man in a similar role in the early 1990s.
Launched in 2007, Petershill gave Sorrell the opportunity to look closely at a wide range of hedge funds anxious to attract the investment bank’s backing. Among its investments are stakes in Winton Capital and Trafalgar Asset Management as well as several US hedge funds.
Man began running hedge funds in the early 1980s and has grown mainly through acquisition. Last year, it acquired GLG Partners in a $1.5 billion deal that has pushed its assets back above $70 billion, a level last seen in 2008 before the credit crunch set in.
Though the stock rallied strongly earlier this year, the latest downturn in global equity markets has sharply hit the share price. Man’s shares traded at £1.96, above long-term lows, but well down from its 52 week high of £3.15.
Jonathan is the second Sorrell to leave Goldman to work in a hedge fund. His brother Robert Sorrell quit the investment bank last year to launch his own hedge fund, Sorrell Capital.
Sorrell, aged 33, has over a decade of transactional and operational experience in the investment management, securities and investment banking divisions at Goldman where he was a managing director. In recent years, he has lead the investment bank’s foray into buying stakes in a variety of hedge fund firms through the private equity-styled Petershill Fund, which has attracted backing from several top Goldman clients, including sovereign wealth funds.
Sorrell will become the youngest member of Man’s top level executive committee or ExCo and will help formulate and execute strategy group wide. He will report directly to Peter Clarke, chief executive, who originally joined Man in a similar role in the early 1990s.
Launched in 2007, Petershill gave Sorrell the opportunity to look closely at a wide range of hedge funds anxious to attract the investment bank’s backing. Among its investments are stakes in Winton Capital and Trafalgar Asset Management as well as several US hedge funds.
Man began running hedge funds in the early 1980s and has grown mainly through acquisition. Last year, it acquired GLG Partners in a $1.5 billion deal that has pushed its assets back above $70 billion, a level last seen in 2008 before the credit crunch set in.
Though the stock rallied strongly earlier this year, the latest downturn in global equity markets has sharply hit the share price. Man’s shares traded at £1.96, above long-term lows, but well down from its 52 week high of £3.15.
Jonathan is the second Sorrell to leave Goldman to work in a hedge fund. His brother Robert Sorrell quit the investment bank last year to launch his own hedge fund, Sorrell Capital.
