Pimco goes back to its fixed income roots with new CEO

Pimco, the world’s largest bond player, announced Manny Roman, CEO of Man Group, will take over as head from 1 November.

Pimco has appointed Manny Roman, head of the world’s largest hedge fund Man Group, as its new chief executive, in a move to rebuild its fixed income roots following a period of disorder among its top management.

Current CEO, Douglas Hodge, will assume a new role as managing director and senior advisor.

The appointment of Roman signals an aggressive move by the bond giant to rebuild, following the sensational departure of fixed income guru Bill Gross in September 2014. In this morning’s statement, Pimco referred to Roman’s “expertise in fixed income” during his 30-year career at Man Group and Goldman Sachs.

“Manny’s deep understanding of global markets, unique skills in investment management and appreciation of Pimco’s macro-based investment process make him the ideal executive to position the firm for long-term success,” said Daniel Ivascyn, managing director and group chief Investment officer, Pimco.

Last year, Pimco shut two equity strategies following the resignation of Virginie Maisonneuve, its former global equities chief investment officer in May 2015.  She went on to launch a boutique consulting firm in October, recruiting four former Pimco equities specialists.

In addition, Pimco has made two additional appointments to its senior portfolio management staff, recruiting Danielle Luk from Credit Suisse and Tiffany Wilding from hedge fund Tudor Investment.

Luk, a former options trader at the Swiss bank, will focus on interest rate derivatives. Meanwhile Wilding, an interest rate research specialist, will serve as its new US economist.

“So far in 2016, Pimco has hired more than 140 new employees around the world, in a broad range of areas from portfolio management to business development,” added Ivascyn in a separate release.