Pimco has snapped up Emmanuel Roman, former head at Goldman Sachs, to fill its role as chief executive, as the current chief steps into a managing director position.
Mr Roman, who will join Pimco on 1 November, has a 30-year track record in the investment industry, having held executive roles at Goldman Sachs, GLG Partners and Man Group.
Pimco’s current chief executive Douglas Hodge will move into a new role as managing director and senior adviser.
Last year, former UK prime minister Gordon Brown joined Pimco’s advisory panel at Pimco, marking his first corporate role since leaving politics.
The Californian-headquartered company is currently undergoing an evolution as it looks to provide investment vehicles in a changing industry, which Mr Roman is expected to help drive.
Meanwhile, Mr Hodge will work with the new Pimco head to ensure the transition is smooth, providing continuity for clients, employees, and for the parent company Allianz, according to the company.
Daniel Ivascyn, group chief investment officer at Pimco, said Mr Roman - otherwise known as ‘Manny’ - has a “deep understanding” of global markets and an appreciation of the firm’s focus on macro-based investment.
Most recently, he was chief executive of alternative asset manager Man Group, after working at Goldman Sachs for more than 18 years, where he was co-head of global securities and co-head of the European services division.
He also held co-chief executive and chief operating roles at GLG Partners between 2005 and 2010.
Mr Ivascyn said he is pleased Mr Hodge will remain with Pimco to provide counsel to the firm as the executives settle into their new roles.
katherine.denham@ft.com
