Pacific Investment Management Company (PIMCO), an American multinational investment management firm, has looked to Man Group to help find its new leadership, securing the services of its CEO, Manny Roman, who is slated to join PIMCO in a similar role.
PIMCO has been in need of some fresh leadership following some recent convulsions at the group, which is active in over twelve countries. Indeed, the company has faced some dire straits over the past couple of years, with its forme rCEO and founder jumping ship in late 2014. The decision to add Mr. Roman could represent a coup for the group, who is looking to inject a measure of stability and confidence into PIMCO’s management.
Mr. Roman for his part, will be departing Man Group at the end of August – he will formally take up his new role at PIMCO at November this year. Man Group has already decided on his replacement: Luke Ellis, the longtime company veteran and acting president will serve as his successor.
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At PIMCO, the group’s current CEO, Douglas Hodge, will now be moving to the role of managing director and senior adviser, pending the arrival of Mr. Roman in November. Mr Hodge originally stepped into his current role back in 2014, following the aforementioned period of upheaval.
Mr. Roman joins PIMCO after a nearly three-year stint as the CEO of Man Group, being appointed to the role in 2013. Prior to this he worked for eighteen years at Goldman Sachs.
According to Mr. Roman in a recent statement on the shakeup: “Luke Ellis has worked closely with me for the past seven years and I have known him for more than two decades. He is a superb leader for the business and a good friend, and I am pleased that he will be taking over from me to continue building a diversified and resilient firm focused on performance and serving our clients.”
“Manny Roman’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,” noted Daniel Ivascyn, PIMCO’s Chief Investment Officer, in an accompanying statement.