Man Group Plc, the world’s largest publicly listed hedge fund firm, has cut jobs for the second time in a year. CEO Robyn Grew is restructuring the company, with Greg Bond becoming the new chief investment officer. The firm, managing $167 billion, has seen a small reduction in its global headcount.

Grew, the first female CEO of Man Group, has been restructuring since September 2023. The company is investing in AI tools for trading strategies. The firm’s funds have reported mixed returns amid market turbulence. Grew plans to streamline the business for future investments and growth.

Senior management changes include Steven Desmyter overseeing the discretionary division, and Russell Korgaonkar taking on the role of head of systematic. Other executives will also have new roles, with COO Doug Hamilton leaving the firm. Grew and CFO Antoine Forterre will host a town hall to address staff questions.

Man Group, founded in 1783, has evolved from a barrel maker-cum-brokerage to a financial services giant. The company’s focus on AI and strategic restructuring aims to adapt to market challenges. The firm’s history and current changes reflect its commitment to innovation and growth in the financial sector.

Read more at Yahoo Finance: Hedge Fund Man Group Cuts Jobs, Elevates Greg Bond to New CIO Role