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>> The world's largest bond fund, PIMCO, appointing a new CEO, as it tries to reverse a slump in fortunes since co-founder Bill Gross left in 2014. The new chief, Emmanuel Manny Roman from Man Group, the world's largest publicly traded hedge fund. He's known for leading Man Group through a turn around after taking the top position there in 2013.
That experience may help at PIMCO, which has been under pressure to reverse billions in fund outflows since the abrupt departure of Gross, nick named the Bond King. In recent years, PIMCO, owned by insurer Allianz, has also tried to diversify its investor base to attract clients buying equity products.
But has struggled to replicate the success it has had in bonds. 52 year old Roman will take over on November 1st, replacing incumbent Douglas Hodge who will stay on as senior advisor.