New CEO for PIMCO

Global fixed income fund manager, PIMCO, has appointed Emmanuel (Manny) Roman as its next chief executive.

The current CEO, Douglas Hodge, was expected to step into the role of managing director and senior adviser on 1 November, with Roman taking over the CEO role.

The firm said it hired a senior executive who understood the company's operations and focus, while it could add leadership and strategic insights to the group.

Roman's appointment was fully supported by the firm's leadership, which included PIMCO's president, Jay Jacobs, the firm's executive committee and their managing directors, the global investment manager said.

Roman had 30 years of experience in the investment industry, and was most recently the CEO of Man Group PLC, one of the world's largest publicly traded asset managers.

He had also been co-CEO of GLG Partners and worked for Goldman Sachs for 18 years, as co-head of worldwide global securities and co-head of its European services department.

PIMCO's group chief investment officer, Daniel Ivascyn, said Roman's deep understanding of global markets, investment management and appreciation of PIMCO's macro-based investment processes would make him the ideal executive to position the firm for its long-term success.

Hodge was expected to would work with Roman to ensure there was a smooth transition of executive responsibilities.

Roman would be based at PIMCO's headquarters in Newport Beach, California.