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PIMCO Hires Former Goldman Sachs Banker As CEO

Bonds

The world’s largest bond fund has appointed a new captain—former Goldman Sachs banker and Man Group CEO Manny Roman.

Pacific Investment Management Co—an $86.4B fund— hopes the managerial change will help regain some structure following a period of leadership uncertainties and fund withdrawals. Ever since founder and former CEO Bill Gross stepped down in 2014, investors have stormed the fund, withdrawing millions. Succeeding Gross was current CEO Douglas Hodge, who will move to managing director and senior adviser once Roman takes over, the Wall Street Journal reports.

PIMCO has been looking for an executive with a background in corporate strategy for several months, and hopes the leadership change will halt fund outflow, which has seen $800M pulled from investors in June. [WSJ]