Li Yifei is stepping down as head of Man Group PLC's China division, London's Financial Times reported, citing the company's email to employees.

Li's retirement came as the hedge fund has been expanding in China following the country's steps to open its markets for foreign companies. In a WeChat message to the publication, Li confirmed her decision to leave Man Group.

In 2015, reports surfaced that Chinese authorities took Li into custody for questioning in connection with the volatility in the country's stock market. She later denied the reports.