PIMCO set for new CEO
Fixed income fund manager, PIMCO, has appointed Emmanuel (Manny) Roman as its next chief executive.
PIMCO's current CEO, Douglas Hodge, was expected to assume the role of managing director and senior adviser on 1 November, when Roman would become the new CEO.
The Californian-based company said it wanted to hire 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 had the full support of the firm's leadership, which included PIMCO's president, Jay Jacobs, the firm's executive committee, and its managing directors, the global investment manager said.
Roman had about 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.
He would be based at PIMCO's headquarters in Newport Beach, California.
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.
Recommended for you
Some 42 per cent of CEOs say they are actively reinventing their business to stay relevant in the next decade, with consumer services the most common choice for asset and wealth managers.
Former Ophir Asset Management chief executive, George Chirakis, has joined private equity manager Scarcity Partners, while the asset manager has appointed a replacement from Macquarie.
Australian Unity has appointed a fund manager for its Healthcare Property Trust, joining from Centuria Healthcare, as it restructures the product with a series of senior appointments.
Financial advisers nervous about the liquidity of private markets funds for their retail clients are the target of fund managers launching semi-liquid products which offer greater flexibility and redemptions.
