Man Group drops GLG, Varagon brands amid credit push
Man Group is retiring the GLG, Man Global Private Markets and Varagon brands as it strengthens its focus on the credit market.
The hedge fund group – which manages around $161bn (£127.4bn) in assets – is merging its discretionary trading units in a reorganisation that includes the departure of GLG’s chief executive Teun Johnston, according to an internal communication seen by Bloomberg News.
The move marks the first major change under new chief executive Robyn Grew, who took over the helm last September.
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Man Group acquired US private credit manager Varagon last year. The team will join the widened discretionary division, alongside the firm’s private markets business.
Eric Burl will be responsible for the new division, which will have core units of public markets, US direct lending and community housing.
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“The new structure for discretionary will facilitate freer cross-pollination of ideas – particularly in credit – and make it far easier to deliver bespoke, high-quality solutions to clients through a single operational platform,” Grew and Burl said in the internal note seen by Bloomberg.
A spokesperson for Man Group declined to comment to Bloomberg.
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