The firm says second-quarter revenue dropped at its prime finance unit, extending a slump beyond businesses that Germany's largest lender is seeking to exit as client concerns added to volatile markets.
The turn to an outsider marks the latest twist in a struggle to regain footing after a steep decline.
Man Group, the world's biggest publicly traded hedge fund manager, is looking blue after the departure of CEO Emmanuel "Manny" Roman to Pimco.
In his new position, Roman will replace Douglas Hodge, who presided over a tumultuous time that included the departure of Bill Gross and a plunge in assets at the firm.
Marylands review comes as the largest U.S. public pensions are abandoning hedge funds or pressuring them to slash fees.