Emmanuel Roman, former chief executive of Man Group, has been hired to lead US asset manager PIMCO.

Roman will take over as PIMCO’s chief executive from Douglas Hodge, who will become managing director and senior adviser from 1 November. 

Daniel Ivascyn, managing director of the firm’s group CIO, praised Roman’s understanding of global markets.

“Manny’s skills and experience include all of the attributes key to delivering value to PIMCO’s clients – investment acumen, intellectual capacity and thought leadership, broad industry experience, executive leadership and an excellent fit with PIMCO’s cultural values,” he said. 

Roman comes to PIMCO from Man Group, which he joined when the firm acquired GLG Group in 2010.

He went from being GLG’s co-chief executive, a role he held for five years, to COO of Man, and in 2013 was named Man’s chief executive.

For its part, Man announced Luke Ellis, since 2012 the firm’s president, as Roman’s replacement.

In his nearly 30 years’ experience in the financial sector, Roman also worked for Goldman Sachs, spending 18 years at the firm and acting as its co-head of global securities and co-head of its European services division.

He has further served as a trustee of the Hedge Fund Standards Board, in addition to a number of trustee roles at museums and universities.

Ivascyn added that he was pleased Hodge would stay with the firm to provide council during the period of transition.

Hodge has been with PIMCO since 1989, holding a number of senior roles, including seven years as head of Asia-Pacific and five as COO, after which he was named chief executive.