Man Group, the world’s largest publicly traded hedge fund firm, has announced a significant leadership change within its discretionary investment division. Eric Burl, Head of Discretionary Investment and a two-decade veteran of the firm, will be departing later this year to pursue opportunities outside the financial sector. Steven Desmyter, currently serving as President of Man Group, will assume Burl’s responsibilities, signaling a strategic shift as the firm continues its global expansion.
Burl’s departure marks the end of a notable tenure at Man Group, where he joined in 2004 as a portfolio analyst. Over the years, he held several senior positions, including Head of US Sales, Global Co-Head of Sales and Marketing, US Chief Operating Officer, and Head of Americas. In his most recent role, Burl was instrumental in unifying Man Group’s discretionary trading units, consolidating multiple brands such as GLG and Varagon under a single division. This reorganization aimed to streamline operations and enhance the firm’s discretionary investment capabilities.
CEO Robyn Grew praised Burl’s contributions in a memo to staff, stating, “Eric leaves as a friend of the firm and (I am lucky to say) mine, and I wish him all the very, very best.” She expressed confidence in Desmyter’s ability to lead the discretionary division, highlighting his deep understanding of the firm’s fund managers, strategies, and the broader industry. “Steven will provide great continuity for the build-out of our discretionary offering,” Grew added.
Desmyter brings a wealth of experience to his new role. He joined Man Group through its acquisition of GLG in 2010 and has since held various senior positions, including Global Head of Sales and Marketing. As President, Desmyter oversees the firm’s Solutions division, responsible for client research and customized asset allocation. He also leads Man Group’s approach to responsible investment and research, managing the global sales and marketing distribution strategy.
The leadership transition comes as Man Group intensifies its focus on the U.S. wealth market. In recent months, the firm has made strategic hires to bolster its North American presence, including Kristina Hooper as Chief Market Strategist and Matt Rowe as Managing Director of Solutions. Both positions are based in New York and are part of a broader strategy to increase U.S.-specific investment products and expand in areas such as private credit, quantitative equities, and liquid alternative solutions.
In 2023, Man Group acquired a controlling stake in U.S.-based Varagon Capital Partners, enhancing its U.S.-focused direct lending capabilities. This acquisition aligns with the firm’s commitment to diversifying its investment offerings and expanding its footprint in the private credit market.
As Desmyter steps into his new role, he is expected to leverage his extensive experience and leadership skills to drive the discretionary division’s growth. His appointment reflects Man Group’s ongoing commitment to evolving its investment strategy and expanding its global presence.
The leadership transition at Man Group underscores the firm’s strategic direction and adaptability in a dynamic financial landscape. With Desmyter at the helm of the discretionary division, Man Group is poised to continue its trajectory of innovation and growth in the investment management industry.
