Man Group is ditching its GLG brand in the first big change since new CEO Robyn Grew took the helm at the world's largest listed hedge fund last September, as the firm moves into credit markets, according to a report by the Financial Times.

GLG, one of the best known brands in the industry with about $28.6bn in assets, offers investors both long-only and hedge fund-style strategies in equity, binds and other assets.

The decision is part of a move by Man Group to create a discretionary investing division by merging staff from several existing investment teams. The company, which manages around $161bn in total assets, acquired US Private Credit Manager Varagon last year, and that team will now join the expanded discretionary division, along with the firm’s separate private markets business, Man GPM.

Founded as a unit of Lehman Brothers in 1995, GLG was spun out as an independent business in 2000, and subsequently expanded into emerging markets and credit before listing on the New York Stock Exchange in 2007. Man Group then acquired the firm in 2010 renaming the division as Man GLG.