Stanley Fink, one of the titans of London's hedge fund industry and architect of one of its biggest successes, Man Group, is to step down from the business at the age of 50.

Fink, who has been at Man for 21 years, is planning to spend much more time on his charitable work and other commercial interests.

Regularly the best-paid director of a public City company after Icap's Michael Spencer, Fink took home £7.5 million in pay and bonuses last year. He also owns 9.5 million Man shares directly, which are worth £58 million. He will not get a bonus this year, having become a non-executive director a year ago.

Fink is a trustee of ARK (Absolute Return for Kids), the charitable foundation set up by Arpad Busson which raises money through an annual dinner for hedge fund managers. This year's takes place next week at the Old Royal Naval College in Greenwich and could be struggling to match the £27 million raised last year.

Fink is also president of the Evelina Children's Hospital Appeal Committee attached to St Thomas's Hospital in London.

He stepped down as chief executive last year, becoming deputy chairman, and had also spent some time away from the firm battling illness in 2004.

He said: "I have many commercial and philanthropic interests outside Man Group to which I am increasingly committed and I am eager to pursue these and other opportunities more fully." He will leave on 10 July.

Chairman John Asbitt said: "Stanley's vision, business development skills and pioneering passion for the opportunities in the alternative asset segment of the investment management industry have been at the heart of Man's growth and success."

Today Man delivered a 60% rise in pre-tax profits to $2.08 billion (£1.04 billion) in the year to the end of March. This was driven by a 161% rise in performance fee income and a 21% rise in management fees.

Chief executive Peter Clarke said in the first two months of the current year the group attracted $4 billion of new money, taking its total funds under management to $78.5 billion.