Fixed income giant Pimco announced the hire of Emmanuel Roman, (known as Manny Roman), currently CEO at hedge fund Man Group. Meanwhile, Man Group already confirmed that Luke Ellis will become its new CEO as of 1 September 2016.
Roman will take on a challenging role at Pimco, which recently reduced its global workforce by 3% following persistent outflows. In January 2016 alone, investors withdrew more than €1bn from its flagship bond fund. Roman replaces Douglas Hodge, who took on the role of Pimco CEO following the departure of Mohammed El-Erian in 2014.
Luke Ellis has been president of Man Group since 2012. The firm said Jonathan Sorrell will continue as president of the firm in addition to his role as chief financial officer. Ellis is currently responsible for managing Man Group’s four investment units, Man AHL, Man GLG, Man Numeric and Man FRM.
Prior to that, he was head and CIO of Man Group’s multi-manager business and non-executive chairman of GLG’s multi-manager activities. He has also been managing director at FRM and ran the business from 1998 to 2008. He also worked for JP Morgan.
Roman will help for the transition alongside Ellis and Sorrell until stepping down on 31 August 2016.
Pimco currently manages $1.50trn (€1.36trn) while Man Group’s Assets under Management are at $78.6bn (€71.5bn).