Newspaper article International New York Times

Pimco Hires Chief Executive to Lead a Turnaround

Newspaper article International New York Times

Pimco Hires Chief Executive to Lead a Turnaround

Article excerpt

Mr. Roman will take over at the bond giant on Nov. 1 as the California-based fund looks to turn around its fortunes.

The bond giant Pimco has hired Emmanuel Roman, the chief executive of the British hedge fund manager Man Group, as its new top executive, as the California-based fund tries to turn around its fortunes.

The announcement comes nearly two years after Pimco's co- founder, William H. Gross -- who is known as the "bond king" -- was forced out and joined its rival, Janus Capital Group.

The hiring of Mr. Roman, a former Goldman Sachs banker who joined Man in 2010, comes at a pivotal time for Pimco, which is owned by the German insurer Allianz.

Pacific Investment Management Company, or Pimco, has seen hundreds of billions of dollars in client assets depart since Mr. …

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