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Fund Times

PIMCO Hires a New CEO

A new business leader shouldn't have any near-term effect on how the firm's funds are managed.

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PIMCO announced on July 20 that it hired a new CEO, Emmanuel (Manny) Roman, most recently the chief executive of Man Group, a London-based asset manager focused on alternative investments. Roman will replace current CEO Doug Hodge in the role effective Nov. 1, 2016.

The firm embarked on a process earlier in 2016 to find an executive with a strong strategic management focus, and PIMCO says the effort eventually evolved into the quest for a new CEO. A committee of PIMCO executives, including CIO Dan Ivascyn and president Jay Jacobs, reviewed candidates, and the decision was approved by PIMCO's managing directors, after which Allianz signed off on the selection. The firm claims Hodge is supportive of the decision, and he will remain at the firm indefinitely as a senior advisor to help transition his responsibilities.

Eric Jacobson has a position in the following securities mentioned above: PTTRX. Find out about Morningstar’s editorial policies.