A veteran of the hedge fund industry, who was instrumental in growing fund of funds firm Financial Risk Management from $150m to $15bn, is to join Man Group and run its multi-manager business.

Luke Ellis, a managing director at fund of funds firm FRM for 10 years, who was most recently a non-executive chairman of GLG Partners, will join Man Group when the proposed acquisition of GLG by Man either closes or terminates, according to an announcement sent today to the London Stock Exchange.