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Wednesday, July 20, 2016

Meet the Man Taking Over Pimco

Reported by Neil Anderson, Managing Editor

A new chief is taking over Pimco [profile] this fall after leading a hedge fund titan.

Emmanuel "Manny" Roman
Incoming CEO
Manny Roman, 52, will join the giant fixed income asset manager on November 1 as CEO, Pimco and Pimco parent Allianz both confirm. Current Pimco CEO Doug Hodge, 58, will become managing director and senior advisor.

"Mr. Roman's appointment has the full support of the firm's leadership including Mr. Hodge, PIMCO's President Jay Jacobs, the firm's Executive Committee and its Managing Directors," the press release from Pimco reads.

Bloomberg, the Financial Times, P&I, Reuters, USA Today and the Wall Street Journal all covered the news.

At Man Group, president Luke Ellis will rise to fill Roman's shoes as CEO.

Roman most recently served as CEO of Man Group, a publicly-traded, London-based alternative asset manager with $78.6 billion in AUM as of March 31.

Roman, born in France, is an alumnus of Paris Dauphine University and the University of Chicago. He spent more than 18 years at Goldman before joining GLG Partners in 2005 as co-CEO. Man Group later bought GLG, and Roman became chief operating officer of Man Group. He rose to CEO in 2013. The WSJ writes that Roman is "known for his ruthlessness, collection of French wines, keen intellect and willingness to spend hours talking about his beloved Arsenal F.C., a soccer team in the English Premier league."

Dan Ivascyn, managing director and group chief investment officer at Pimco, points to Roman's "deep understanding of global markets, unique skills in investment management and appreciation of PIMCO's macro-based investment process" as making Roman "the ideal executive to position the firm for long-term success." Hodge states that Roman will "bring new perspectives ... and ... unique talents" to Pimco.

And Jacqueline Hunt, 47, who joined Allianz's board of management on July 1 with responsibility for asset management and U.S. life insurance, calls Roman "a highly respected industry leader with both the investment and management skills needed to drive PIMCO's business forward." Hunt succeeded Jay Ralph on the Allianz management board.

The WSJ reports that, per an unnamed source "familiar with the hiring process," Pimco "made the decision to hire a new senior executive a few months ago" and it was Ivascyn who led the hiring process.

Pimco's press release on Roman's appointment pitches him as the leader to "help drive PIMCO's continued evolution as a provider of investment solutions built on the firm's active management expertise in areas such as core bonds, non-traditional strategies, private credit, distressed debt, equities, and real estate, among others."

It's been a rough couple of years for Pimco. Hodge took over as Pimco CEO in March 2014, succeeding Mohamed El-Erian (who has been working at Allianz ever since). Six months later, star Pimco co-founder Bill Gross shocked the investing world by jumping ship. Pimco was already suffering outflows prior to Gross' departure, and it suffered massive ones in the following months. Those outflows have since slowed. Pimco now has $1.51 trillion in AUM (as of June 30, 2016) and more than 2,200 employees in 13 offices around the world.

"Doug Hodge has done a terrific job of leading Pimco through what was a challenging time," Hunt states. "We thank him very much and wish him success in his new role."

"Doug has made a significant contribution to PIMCO with his leadership and professionalism," Ivascyn states. "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 through the transition of executive leadership to Manny." 

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