GS Goldman Sachs Group Inc

LONDON—Pacific Investment Management Co., one of the world's largest bond funds, has appointed Man Group PLC Chief Executive Manny Roman as its new CEO.

Pimco on Wednesday said Mr. Roman, a 52-year-old former Goldman Sachs Group Inc. banker, will take over on Nov. 1 and be based at the firm's headquarters in Newport Beach, Calif.

The money manager's current chief executive, Douglas Hodge, is taking up the role of managing director and senior adviser, the company said.

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. His departure followed that of former Chief Executive Mohamed El-Erian.

Mr. Hodge has held the CEO position at Pimco since early 2014, after Mr. Gross stepped back to focus on running the money manager's struggling flagship bond fund.

Pimco, a unit of German insurer Allianz SE, made the decision to hire a new chief executive a few months ago, according to a person familiar with the hiring process, which was led by the firm's Chief Investment Officer Daniel Ivascyn.

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.

Under Mr. Roman Man Group, which was set up in 1783 as a barrel-maker next to London's river Thames, pursued an acquisitive strategy.

Write to Giles Turner at giles.turner@wsj.com

(END) Dow Jones Newswires

July 20, 2016 04:15 ET (08:15 GMT)

Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Mar 2024 to Apr 2024

Goldman Sachs (NYSE:GS)
Historical Stock Chart
From Apr 2023 to Apr 2024