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Luke Ellis

Former CEO, Man Group · 2 appearances on the record.

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executiveinvestorman.com ↗

Luke Ellis led Man Group as Chief Executive Officer from 2016 until 2023. Earlier in his career, he served as Managing Director of Financial Risk Management, led equity derivatives and proprietary trading at JPMorgan, and served as Deputy Chairman of the Standards Board for Alternative Investments.

36statements → 5claims → 2claims resolved → 3.81/5average certainty → 2.31/5average debate potential → ≈4.5/5argument clarity, estimated → 4said about them ↓

2 supported 0 partly supported 0 contradicted 3 not checkable as stated how the 5 claims stand · each chip opens the sources

2 predictions · 3 assertions · 2 opinions · 22 insights · 7 disclosures · every statement was checked. The predictions and assertions are the 5 claims: statements the public record can support or contradict. 2 are resolved, and 3 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Luke argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Ellis: The 2-and-20 model is no longer the modal hedge fund fee
“We talk about two and 20, but two and 20 is not the average fee in the industry by a long way, and it's certainly not the modal fee either. Two and 20 is now the unusual.”
Luke Ellis Sep 28, 2020 ▶ 47:18 Luke Ellis and Mario Therrien – Best Practices in Alternatives (Capital Allocators, EP.158)

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Luke Ellis on measured tape to publish a rate. This says nothing about how they speak.

Everything Luke Ellis said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Insight
Ellis: Counterparties in modern trading are almost always high-frequency traders
“The other side of execution in markets today is a high-frequency trader. Whatever you think, the other side of your trade, whether it's a stock trade, a bond trade, an FX trade, it's essentially a high-frequency trader. So if you go in thinking you could call …”
Luke Ellis Sep 20, 2021 ▶ 44:48 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Prediction Not checkable as stated
Ellis: The End of Current Macro Regime Will Be Extremely Messy
“And personally, I think when it ends, it will be extremely messy. It's got to happen one day because you can't just keep increasing government debt and all other debt and Having no return on capital and have asset prices go up every day.”
Luke Ellis Sep 20, 2021 ▶ 52:08 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Prediction Not checkable as stated
Ellis: Trend Following Will Profit in a Downturn, but Clients Will Lose Net
“And even if I think the best thing to somewhere between hope and expect to make money out of that change when it happens is trend following. We have a bunch of products, which I think will make our clients a whole load of money in that environment, but it's no…”
Luke Ellis Sep 20, 2021 ▶ 53:21 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Insight
Ellis: Investors Irrationally Avoid Buying Back Stocks They Previously Lost Money On
“People who lost money in a particular stock never want to invest in that stock again. Even 10 years later, they sold Amazon at the wrong place and you find that they've never bought Amazon again. It's like, look, you can buy things at the wrong place, you can …”
Luke Ellis Sep 20, 2021 ▶ 56:03 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Insight
Ellis: CEOs Cannot Get Unbiased Feedback Internally or From External Advisors
“There is nobody inside the organization that you can talk to that it's not a leading conversation. I can't talk to somebody about, yeah, I'm wondering whether this is working or not working. That immediately creates a bad impact you don't want to do. And you c…”
Luke Ellis Sep 20, 2021 ▶ 58:06 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Insight
Ellis: Fund managers should not double dip on trade execution fees
“Is it appropriate that you're charging fees on the fund, and you're also charging a fee for putting trades into the fund? Well, no. That's an easy standard to say, no, you're getting paid to run the fund. You shouldn't double dip.”
Luke Ellis Sep 28, 2020 ▶ 19:37 Luke Ellis and Mario Therrien – Best Practices in Alternatives (Capital Allocators, EP.158)
Insight
Ellis: Passive Market Beta Is Free While Alpha Merits Management Fees
“The fee for beta today is nothing, right? I mean, you can go and buy a passive index of whatever beta you want for nothing. The alpha is what's valuable, and people are happy to pay for that and should pay for that.”
Luke Ellis Sep 28, 2020 ▶ 41:12 Luke Ellis and Mario Therrien – Best Practices in Alternatives (Capital Allocators, EP.158)
Insight
Ellis: Quant researchers must disclose algorithm trial runs to prevent data mining
“We obviously have a very big quant business and it is so important that people are honest about how many goes they've had at a problem to avoid a data mining issue.”
Luke Ellis Sep 28, 2020 ▶ 57:35 Luke Ellis and Mario Therrien – Best Practices in Alternatives (Capital Allocators, EP.158)
Disclosure
Ellis: Man Group Runs 100 Strategies Through One Shared Infrastructure
“We have a hundred different strategies put through a single infrastructure. The infrastructure is more expensive than if you had one strategy, but it's a heck of a lot cheaper than having a hundred of them.”
Luke Ellis Sep 20, 2021 ▶ 38:11 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Disclosure
Ellis: Man Group is roughly 70% quantitative strategies
“So we are order of magnitude, 70% quant. So from a pure mass point of view, we're way heavier quant than the industry.”
Luke Ellis Sep 20, 2021 ▶ 41:26 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Disclosure
Ellis: Over half of Man Group holds an active Python license
“One of the interesting things is it's sort of more than a third of the firm are technologists. And beyond that, I think the last number is more than half of the firm has an active Python license.”
Luke Ellis Sep 20, 2021 ▶ 41:50 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)
Assertion Not checkable as stated
Ellis: Man Group launches a new public market vehicle daily
“We do a new vehicle basically every day in public markets. So a new fund or a new SMA for someone or a new version of a fund in a different jurisdiction. And we basically bang one out a day.”
Luke Ellis Sep 20, 2021 ▶ 50:05 Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214)

The other half of the tape: Luke Ellis's own voice is left out of every number here. Other people bring the name up 3 times in 1 episode on Capital Allocators. 1 statement on the record names them. every mention, with the transcript →

Who brings them up most Eric Peters 3

Statements about Luke Ellis, by other people (1)

Insight
Peters: Asset managers must narrow focus to scale before resuming experimentation
“When you start an asset manager, You gotta figure out what works, what makes you special, and you might have to try a number of things, and then at some point, if you're fortunate, you figure it out. So you're just surviving, which we did for a lot of years, a…”
Eric Peters Dec 16, 2024 ▶ 36:07 Eric Peters - Paradigm Shifts and Solutions at One River (EP.422)

Every mention by year

tap a year for its mentions
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0112024episodes it came up in
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2024 3 mentions in 1 episode

Appearances (2)

EpisodeDateSpeaking time
Luke Ellis – The Man Behind The Man Group (Capital Allocators, EP.214) Sep 20, 2021 45m
Luke Ellis and Mario Therrien – Best Practices in Alternatives (Capital Allocators, EP.158 Sep 28, 2020 29m
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