Pimco Appoints Man Group's Manny Roman as Chief Executive
July 20 2016 - 3:31AM
Dow Jones News
By Olga Cotaga
LONDON--Pacific Investment Management Co., the asset-management
subsidiary of Allianz SE, has appointed Man Group PLC Chief
Executive Manny Roman as its chief executive.
Allianz said Wednesday that Mr. Roman, a 52-year-old former
Goldman Sachs Group Inc. banker, will take over at Pimco on Nov.
1.
Pimco has suffered investor withdrawals in recent years
following several leadership changes at the firm. Co-founder Bill
Gross abruptly left in September 2014 and investors have pulled
billions from the flagship fund he managed.
Man Group, one of the world's biggest hedge-fund managers, said
Mr. Roman was stepping down from his role and would be replaced by
Luke Ellis, who will take charge on Sept. 1. Mr. Ellis has been
working alongside Mr. Roman since 2012 as president of the company,
Man Group said.
Man Group, which was set up in 1783 as a barrel-maker next to
London's river Thames, pursued an acquisitive strategy under Mr.
Roman.
(END) Dow Jones Newswires
July 20, 2016 03:16 ET (07:16 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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