Emmanuel Roman has been appointed CEO at PIMCO.
Mr. Roman's appointment is effective Nov. 1. Current CEO Douglas Hodge will become a managing director and senior adviser on that date. A PIMCO spokeswoman said it is a newly created role.
Mr. Roman currently is CEO at Man Group; Luke Ellis will take that job upon departure, said a spokeswoman for the firm.
In a news release Wednesday, Pacific Investment Management Co. said Mr. Roman's appointment is the culmination of a process “to hire a senior executive who would add leadership and strategic insights combined with a deep appreciation of PIMCO's diversified global business, investment process and focus on superior investment performance and client service.”
His appointment has the full support of the $1.51 trillion firm's leadership, including Mr. Hodge, President Jay Jacobs, the executive committee and managing directors, said the news release. He will be based in Newport Beach, Calif. Mr. Hodge was named CEO in 2014.
“(Mr. 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,” said Daniel Ivascyn, managing director and group chief investment officer at PIMCO, in the release.
Mr. Hodge will work with Mr. Roman to ensure a smooth transition, which the firm said will provide continuity for clients, employees and parent company Allianz SE. “We are pleased he will remain with PIMCO to provide counsel to the firm and the managing directors, leverage his global relationships with our clients and ensure continuity throughout the transition of executive leadership to” Mr. Roman, added Mr. Ivascyn.
PIMCO officials declined to comment further.
Mr. Ellis, Man Group's co-president, will become CEO Sept. 1 following Mr. Roman's departure. Mr. Roman will step down from the board Aug. 31. The Man Group spokeswoman said Mr. Ellis' co-president, Jonathan Sorrell, will continue as president of the firm and also remain chief financial officer.
Mr. Ellis is responsible for managing the $78.6 billion firm's four investment units: Man AHL, Man GLG, Man Numeric and Man FRM.
“On behalf of the board, I would like to thank (Mr. Roman) for his leadership and for all he has done for Man Group; he leaves a much stronger, more resilient business than the one he took on,” said Ian Livingston, chairman of Man Group, in a news release. “During his tenure as CEO, Man Group has successfully restructured and diversified and he has put in place an excellent management team.” Mr. Roman has been CEO since 2013.
He added that Mr. Ellis' commitment to the firm and to delivering performance for investors, as well as leadership he has already shown, “makes him the ideal candidate to take over from” Mr. Roman. The appointment was a unanimous board decision.
Mr. Roman will work with Messrs. Ellis and Sorrell during a handover period.