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Pimco Just Named a New CEO

July 20, 2016, 9:17 AM UTC
Man Group Executives With GLG Executives After Buyout
Photograph by Bloomberg Bloomberg via Getty Images

Pacific Investment Management Co (PIMCO) has hired Emmanuel ‘Manny’ Roman, the chief executive of the world’s biggest listed hedge fund Man Group plc, as it tries to reverse a slump in fortunes since co-founder Bill Gross left in 2014.

Roman will take over asset manager PIMCO on Nov. 1, Man Group said on Wednesday, replacing the incumbent Douglas Hodge.

PIMCO, which built its reputation largely through its management of fixed-income assets, is under pressure to reverse a drop in assets under management since Gross’s abrupt departure.

It has tried to diversify its investor base in recent years to include those buying equity products.

Luke Ellis will succeed Roman as chief executive officer of Man Group, the company said in an exchange filing. Jonathan Sorrell will continue as president of the firm alongside his role as chief financial officer.