Man Group appoints non-exec director as firm hit by dollar’s strength

Man Group has appointed finance veteran Alberto Musalem as non-executive director as the group is hit by the pound’s devaluation against the dollar. 

The investment management group had a negative forex impact of $4.5bn (£3.9bn) due to dollar’s strength, which was partially offset by leverage movements. 

It also reported that the value of its assets under management went down from $142.3bn in June to $138.4bn in the three months to September.

Net outflows, the firm said, were at $500m while absolute return from investment performance was at $1.6bn.

Starting on 1 November, Musalem will become a member of Man Group’s audit and risk committee as well as the remuneration committee. 

“He [Musalem] brings extensive investment management experience, economic and public policy expertise and broad knowledge of capital markets and regulation,” said chairman John Cryan.

Musalem – currently a director of Congress-founded home loan mortgage corporation Freddie Mac – has held positions at the likes of the Federal Reserve Bank of New York and the International Monetary Fund.