By Dan Primack
December 5, 2012

FORTUNE — John Rohal has agreed to join troubled British hedge fund manager Man Group PLC as U.S. chairman, Fortune has learned. Expect a formal announcement later today.

Rohal has spent the past eight years with Makena Capital, as a managing director responsible for public equities. He will leave the firm at year-end, in what is being termed a “retirement” for the 65 year-old.

Rohal came to Makena in 2005 from EGM Capital, before which he was global research director atĀ Robertson Stephens. Previously, he was with Alex Brown & Sons as co-head of technology research.

Man is seeking to rebuild after five straight months of client exits prompted by poor returns in its flagship fund, which has seen its listed shares cut by half in the past year. Most recently, BlackRock (BLK) cut its ownership stake in Man from 9.32% to less than 5%.

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