Man Group, the London-listed $96bn hedge fund manager, has appointed a 10-year veteran of its FRM multi-manager division as chief executive of the unit.

Man Group, which is led by chief executive Luke Ellis, said in a statement today that Michael Turner will take on the role of chief executive of Man FRM, the group's fund-of-hedge funds investment business. The business had $16.2bn in assets under management at the end of June and comprises 30 research and investment staff.