CEO swaps hedge fund for charity

Mr Fink's decision to step down was not widely expected

Stanley Fink, the chief executive of the world's biggest listed hedge fund, is to step down from his role to focus on private philanthropy.

Since becoming boss of Man Group in 2000, he has seen the group's funds grow from $4.7bn to $54bn (£28.4bn).

According to Man's annual report, Mr Fink earned about £6m in the year to 31 March - 57% up on the previous year.

The 49-year old is said to have refocused his priorities after suffering a brain tumour in 2004.

Mr Fink will stay as a non-executive deputy chairman, with finance director Peter Clarke taking the top job,

Industry estimates put the number of hedge funds worldwide at more than 8,000 with £1.5 trillion in assets.

There are massive amounts of money to be earned and lost. Man Group's pre-tax profits for the last financial year stood at about $1.2bn.