ALIZF Allianz Ag Muenchen Namen (PK)

By Olga Cotaga 

LONDON--Pacific Investment Management Co., the asset-management subsidiary of Allianz SE, has appointed Man Group PLC Chief Executive Manny Roman as its chief executive.

Allianz said Wednesday that Mr. Roman, a 52-year-old former Goldman Sachs Group Inc. banker, will take over at Pimco on Nov. 1.

Pimco has suffered investor withdrawals in recent years following several leadership changes at the firm. Co-founder Bill Gross abruptly left in September 2014 and investors have pulled billions from the flagship fund he managed.

Man Group, one of the world's biggest hedge-fund managers, said Mr. Roman was stepping down from his role and would be replaced by Luke Ellis, who will take charge on Sept. 1. Mr. Ellis has been working alongside Mr. Roman since 2012 as president of the company, Man Group said.

Man Group, which was set up in 1783 as a barrel-maker next to London's river Thames, pursued an acquisitive strategy under Mr. Roman.

(END) Dow Jones Newswires

July 20, 2016 03:16 ET (07:16 GMT)

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