UK - Stanley Fink is to step down as chief executive of Man Group, the world's largest listed hedge fund group, and be replaced by finance director Peter Clarke as from April 1 next year.

Fink will become non-executive deputy chairman, retaining his role as chairman of Man's the Strategic Investment Committee. The group said it would appoint a new finance director in due course.

Fink joined Man in 1987 and became CEO in 2000. His tender as CEO saw funds under management rose to $54bn from $4.7bn. Pretax profits have risen to $1.2bn.

"The board considers that these appointments provide an excellent basis on which to drive forward the continued growth of the Man Group and reflect a robust and considered approach to the critical task of executive management succession," said chairman Harvey McGrath.

"I congratulate both Peter on his appointment and Stanley on the outstanding job he has done as chief executive.

"Stanley has indicated to the board his wishes to become non-executive, not least in order to be able to commit more time to personal interests, in particular his philanthropic activities."

"I am excited to have the opportunity to lead the group's continued development." Clarke said.

"Man has established leading positions in both its businesses and has an enormous pool of talent across the group, led by Kevin Davis at Man Financial and John Morrison at Man Investments.

"Stanley and I have worked together at Man for 13 years and I am very pleased that we retain his valuable contribution to the group in the years ahead."

Clarke joined Man in 1993, joining the board in 1997 and becoming FD in 2000.

In June Fink said Man was limiting the hedge fund allocation in its own pension fund on the advice of Watson Wyatt.