Jonathan Sorrell is to step down as President and as an Executive Director of UK hedge fund manager Man Group to take on a new role outside of the firm. 

Sorreel (pictured) is quitting his role as an Executive Director on the Company's Board with immediate effect but will remain with Man Group for the time required to facilitate an orderly transition of his responsibilities, according to a statement released by the company.
 
Luke Ellis, Chief Executive Officer of Man, says: "Jon has contributed hugely to the firm over the past eight years, first as CFO and then as President. Among his many achievements, Jon was instrumental in managing the firm's cost base during particularly challenging times for the business, helping to create the strong, resilient firm we have today.
 
"More recently, as President, he has championed our important move into private markets and helped establish a strategic vision and first-class distribution platform with our sales team, creating foundations that will stand us in good stead for years to come. We wish Jon all the best in his new role."