Hedge fund manager Man Group has combined two of its hedge fund units and made changes to the company’s management structure ahead of Emmanuel Roman (pictured) taking over from Peter Clarke as chief executive officer on 28 February.

According to reports, Luke Ellis is to become president of the company with responsibility for its three main investment divisions, FRM, GLG and ALM, which runs the group’s largest hedge fund AHL.

Sandy Rattray, meanwhile, will replace Tim Wong as chief executive of AHL, with Wong taking up the role of executive chairman of the flagship quantitative division.

AHL, which saw assets under management fall to USD16.3bn in the Q3 2012 from USD19.5bn at the end of March 2012, is being combined with the Man Systematic Strategies group.

Mark Jones and Teun Johnston have also been named as co-chief executives of GLG and will join the group’s executive committee.