Man Group Drops GLG Brand and Boss Under New CEO’s Revamp (1)

Man Group Plc is merging its discretionary trading units in a reorganization that includes the departure of GLG’s chief executive officer Teun Johnston.

The hedge fund group is retiring the GLG, Man Global Private Markets and Varagon brands, according to an internal communication seen by Bloomberg News. A combined Discretionary division will be the new home for products that rely on traders to choose investment strategies.

The move marks a major overhaul under Chief Executive Officer Robyn Grew, who took the reins last September. The world’s largest publicly traded hedge fund firm, which has grown to manage $161 ...