Man Group, the UK-listed hedge fund management giant, has hired Luke Ellis to head its multi-manager business.

Ellis has held a number of senior positions, including the roles of managing director at Financial Risk Management and head of JP Morgan’s global equity derivatives and equity proprietary trading businesses. Latterly he was non-executive chairman of GLG’s multi-manager business and manager of the GLG Multi Strategy Fund.

In his new post, Ellis will be responsible for continuing to build out Man’s multi-manager range of investment solutions for private and institutional clients and further developing Man’s position in structured products, funds of funds, managed accounts and tailored portfolios.

The chief executive of Man, Peter Clarke, said: "Luke will be succeeding Herbert Item, who is retiring after 13 years at Man, during which time he has played a key role in the successful development of the multi-manager business."

Man’s multi-manager business managed $14.2 billion at 30 June 2010 and provides access to an approved list of over 150 independent fund entities across the full spectrum of hedge fund opportunities, through actively managed thematic offerings and more diversified portfolios.