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Man Group FD Kevin Hayes resigns

Struggling hedge fund replaces Hayes with Sir Martin Sorrell's son Jonathan Sorrell

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Man Group announced the resignation of finance director Kevin Hayes on Monday as the hedge fund slipped out of the FTSE 100.

The company said it was appointing Jonathan Sorrell, head of strategy and corporate finance, as Hayes's successor with immediate effect.

Sorrell, who joined Man in August 2011, "played a key role" in the recent acquisition of FRM and "his deep working knowledg ... will be extremely valuable as we continue to develop and evolve in challenging world market".

Sorrell is the son of WPP advertising CEO Sir Martin Sorrell, who last week faced an investor backlash over plans for a 60 percent pay rise.

Man Group said Hayes (pictured), who joined the group as finance chief in 2007, is leaving the company to “pursue other professional and personal interests”.

Shares in Man Group have plummeted since the last FTSE review in March, falling almost two-thirds of their value since last year.

Last September the group had to double its job cuts after acquiring rival GLG.


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