Markets

​Pimco lures away head of Man Group to be its new CEO

/ AP

Mutual fund managers stashing cash, and other MoneyWatch headlines

LONDON - Pimco, one of the world's biggest bond investors, has nabbed the head of hedge fund Man Group to be its next chief executive.

The firm says in a statement Wednesday that Emmanuel (Manny) Roman will replace current CEO Douglas Hodge, who will become a managing director at the company based in Newport Beach, California.

Emmanuel Roman, in October 2010. AP Photo/Mark Lennihan

Luke Ellis will replace Roman at Man Group, one of the world's largest publicly-traded alternative asset managers.

The appointment comes after a tumultuous time for the Pacific Investment Management Co., or Pimco, one of the biggest names in fixed-income mutual funds. Its founder and billionaire, Bill Gross, left the firm in 2014 in an acrimonious split he claimed was due to an internal power struggle.

First published on July 20, 2016 / 8:02 AM EDT

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