Man Group, the world’s largest listed hedge fund business, announced that Peter Clarke, its chief executive, is to step down from the post and resign from the board at the end of February next year.

Clarke, who has worked at Man Group for almost two decades, holding the CEO role since 2007, will be replaced by Emmanuel (“Manny”) Roman, currently president and chief operating officer, the UK-listed company said in a statement yesterday.

A report in the Financial Times said that Clarke has been under pressure to step down for months after a difficult year for the firm, in which its share price dropped more than 40 per cent.

In the statement yesterday, Clarke said:  “Despite the very tough trading conditions since 2008, Man has developed three strong pillars of investment expertise, namely AHL, FRM and GLG, while also remaining in robust financial strength.”

“Manny Roman has been a key part of our progress and has been working closely with me for the past two years. He is an excellent leader for the business and I am delighted that he will be taking over from me to continue the work of building on the strong position of Man in our industry,” he added.

Roman’s appointment is subject to FSA approval, the statement added.