Man Group chief investment officer Sandy Rattray is due to leave the group, prompting a top management reshuffle at the hedge fund company.

Rattray, a former Goldman Sachs staff member and co-creator of the Vix Market Volatility Index, will hand over his responsibilities in the coming months and leave in the second half of the year, Man Group said. He decided to leave the financial services industry to study architecture, according to people familiar with his projects.

Rattray has risen through the ranks at Man over the past decade. He became Director of Investments for Systematic Strategies in 2010, then in 2013, under sweeping changes under the leadership of new Managing Director Manny Roman, became Managing Director of his AHL unit, before moving to CIO. Under Rattray’s leadership, AHL’s assets have grown from $ 11.9 billion at the end of 2013 to $ 45.3 billion this year.

The man has experienced varying fortunes in recent years. It held up better at the start of the pandemic than some competitors, posting a relatively small decline in assets and net inflows in the first quarter of 2020, and inflows of $ 1.8 billion for the calendar year. Assets hit a record $ 127 billion this year.

However, investment performance has lagged in some areas, notably its GLG European Long-Short fund and some computerized funds.

Man’s shares rose 0.4% on Friday to 182p, but are still below the 217p they hit in early 2018. In the summer of 2008, at their peak, they were worth over 600p.

The $ 3.8 billion hedge fund industry fared largely during the market’s worst crisis last year. Funds gained an average of 11.8%, according to data group HFR, their best year of gains since the 2009 market rally following the global financial crisis. According to LCH Investments, the most successful managers in the industry have recorded their biggest gains in a decade.

However, some IT managers have struggled with market volatility and to cope with its sudden reversals, with companies such as Bridgewater Associates and Renaissance Technologies having had a difficult year. Winton Group, created by David Harding, co-founder of Man’s AHL unit, suffered a decline in assets after poor performance.

After the departure of Rattray, the role of CIO will be abolished. However, CFO Mark Jones will step down from the board to take on the role of Deputy Managing Director, looking after the AHL and Numeric units and the technology functions of Man that Rattray led. Man also said Antoine Forterre, who is co-managing director of AHL, will become Man’s CFO, succeeding Jones.

Man Chairman John Cryan said Rattray has played “a huge role in driving our innovation and growth.”