GLG founder Lagrange steps back from fund oversight to take on advisory role

Becomes senior adviser at Man Group

Pierre Lagrange, one of the founding members of GLG, is taking a step back from overseeing the firm's equity funds to become senior adviser to the management of parent company Man Group.

In a statement to investors, Man Group's chief executive Luke Ellis said Lagrange will "spend more time on his outside business and philanthropic interests, whilst staying closely involved" with the firm, according to the Financial Times. Lagrange (pictured) founded GLG with Noam Gottesman and Jonathan Green back in 1995 and is the last remaining founding member working at the hedge fund. He had already taken a step back from day-to-day management of portfolios and has been acting as senior managing director for the discretionary equity funds managed at GLG, the FT reports. The cha...