Luke Ellis
The Operator
Execution, delivery and performance, gets the hard thing done.
Luke Ellis is The Operator in its purest form, a chief executive who runs the world's largest listed hedge fund by converting complexity into executable discipline. At Man Group he cuts through noise rather than layering on sophistication, restructures headcount, streamlines processes, and personally supports struggling talent.
“The fund you shouldn't double dip, but actually let's define that standard, let's define how it is. And if somebody isn't going to comply, they have to explain why they wouldn't comply. And the bar on all of the standards is high so that you've got to have a really good reason to explain.”
“So I have a slightly quirky view on the thing on fees, because I'm not sure that it's really a pressure on fees. I think the proportion of alpha that clients are happy to leave with a manager has not really changed over years.”
“A lot of discussion to work out what is a sensible, balanced position, you get some investors who say, look, you should never have a management fee on a hedge fund.”
“And the sharps generally went down because the world gets more and more competitive every day. And so the unit of fees per unit of risk and per unit of value add that clients were paying went up a lot. And that was frankly not right. The clients were getting a bad deal in there.”
Masters in Business: “Luke Ellis on the Hedge Fund Business (Podcast)”
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