Stanley Fink, deputy chairman of London-listed alternatives specialist Man Group has announced his retirement from the company.

Mr Fink joined Man in 1987 and was chief executive for seven years from 2000 prior to which he ran the investment management business and was finance director before that. He oversaw the development  of the company from a commodity brokerage into one of the world’s largest alternative asset managers.

He took up the role of non-executive deputy chairman in April 2007 on standing down as chief executive.  

Separately, the company has announced profits before tax from continuing operations up 60 per cent in the year to 31 March 2008 to $2,079 million, driven by a 161 per cent increase in net performance fee income to $936 million and a 21 per cent increase in net management fee income to $1,143 million.

Funds under management were $74.6 billion at 31 March 2008, up 21 per cent. Private investors accounted for 58 per cent of FUM whilst institutional investors were 42 per cent of the total.

Since the year end funds under management have grown to around $78.5 driven by positive investment performance, the recently launched $1 billion Asian fund and institutional business won in the US says Man.