Stock in Man Group fell 3.7 per cent in early trading today as Pimco announced it had poached the asset manager’s chief executive Emmanuel Roman.
Roman will replace Pimco’s current chief executive Douglas Hodge, who will assist with the leadership transition as he becomes managing director and senior adviser. He will provide continuity for clients, employees and parent company Allianz, Pimco said in a statement.
Roman, who will leave London-based Man Group on 31 August, says he wants to move closer to his US-based family. He joins Pimco on 1 November at their headquarters in Newport Beach, California.
Following Pimco’s announcement, Man Group issued a statement stating that Luke Ellis, currently the company’s president, will become chief executive-designate. His appointment was approved unanimously by the board.
Man Group chairman Ian Livingston says Roman leaves the company “a much stronger, more resilient business than the one he took on”.
“During his tenure as CEO, Man Group has successfully restructured and diversified and he has put in place an excellent management team.”
Before Man Group, Roman was co-chief executive at GLG Partners and also spent 18 years at Goldman Sachs, where he was Co-Head of Worldwide Global Securities and Co-Head of the European Services Division.
Daniel Ivascyn, PIMCO’s group chief investment officer, says Roman brings “deep understanding of global markets, unique skills in investment management and appreciation of PIMCO’s macro-based investment process” to the role.
Roman says: “It has been a great privilege to have led Man Group through a period of evolution and progression for the business; Man Group has restructured, grown and diversified over the past five years, as well as expanded in the US and enhanced the focus on institutional business.”
He says he was attracted to Pimco’s “innovative investment strategies, excellent client service and a deep bench of global talent”.