Pimco poaches Man Group chief Manny Roman for CEO role
Investment management firm endured difficult times under former boss Douglas Hodge
- FTSE-listed Man Group is the biggest publicly-trade hedge fund
Pacific Investment Management Co (Pimco) has appointed Emmanuel Roman, hitherto chief executive of the world's largest publicly-traded hedge fund group, as its new chief executive officer.
Poached from Man Group, Roman will replace Douglas Hodge, who endured a difficult time as CEO, overseeeing the departure of Bill Gross and a plunge in assets.
Pimco, which is owned by Allianz and is based in Newport Beach, California, is expecting the former Man man, known as 'Manny', to steady the ship somewhat.
"Manny's deep understanding of global markets, unique skills in investment management and appreciation of Pimco's macro-based investment process make him the ideal executive to position the firm for long-term success," Pimco managing director and group chief investment officer Daniel Ivascyn said in a statement.
Roman, 52, will take over as chief executive officer on 1 November, replacing incumbent Hodge, who will stay on as senior advisor.
He took over Man Group at a time of volatility and client withdrawals amid losses posted by one of its main funds. That experience may come in very useful to Pimco, which has suffered upheaval in its management spheres and lost about 25% of its assets since 2013.
Pimco became a reputable force largely through its management of fixed income securities, but has been facing pressure to reverse a drop in assets under management since the abrupt departure of 'Bond King' Gross.
Gross departed the company bitterly following a dispute regarding bonuses, which led to him suing the company last year.