Luke Ellis is to succeed Emmanuel (Manny) Roman as chief executive officer of Man Group on 1 September 2016. Roman is stepping down from Man Group’s board on 31 August 2016 to take up the role of chief executive officer at PIMCO from 1 November.

Ellis (pictured) has worked alongside Roman since 2012 as president of the firm. Jonathan Sorrell will continue as president of the firm alongside his role as chief financial officer.

PIMCO’s current CEO Douglas Hodge will assume a new role as Managing Director and Senior Advisor when Roman joins the firm.

According to a statement by PIMCO, the announcement of Roman as CEO is the culmination of a process undertaken by the firm to hire a senior executive who would add leadership and strategic insights combined with a deep appreciation of PIMCO’s diversified global businesses, investment process and focus on superior investment performance and client-service. Roman’s appointment has the full support of the firm’s leadership including Hodge, PIMCO’s President Jay Jacobs, the firm’s Executive Committee and its Managing Directors.

Ellis, meanwhile, joined the Man group in 2010 and is a member of the Man Group executive committee. He is responsible for managing Man Group’s four investment units, Man AHL, Man GLG, Man Numeric and Man FRM. Prior to this, he was head and chief investment officer of Man Group’s multi-manager business and non-executive chairman of GLG’s multi-manager activities. Ellis was managing director of FRM and ran the business from 1998 to 2008.

Before joining FRM, Ellis was a managing director at JPMorgan and global head of equity derivatives and equity proprietary trading.

Ian Livingston, chairman of Man Group, says: “On behalf of the board, I would like to thank Manny for his leadership and for all he has done for Man Group; he leaves a much stronger, more resilient business than the one he took on. During his tenure as CEO, Man Group has successfully restructured and diversified and he has put in place an excellent management team. We wish him well in his new endeavour and he will remain a close friend of the company. Luke Ellis’ dedication to Man Group and commitment to delivering performance for investors, as well as the leadership he has already demonstrated, makes him the ideal candidate to take over from Manny. His appointment was a unanimous decision taken by the board, and we are very pleased that he has accepted the role.”

Daniel Ivascyn, Managing Director and PIMCO’s Group Chief Investment Officer, says: “Manny’s deep understanding of global markets, unique skills in investment management and appreciation of PIMCO’s macro-based investment process make him the ideal executive to position the firm for long-term success. Manny’s skills and experience include all of the attributes that are 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.”

Roman says: “It has been a great privilege to have led Man Group through a period of evolution and progression for the business; Man Group has restructured, grown and diversified over the past five years, as well as expanded in the US and enhanced the focus on institutional business. We have also built an excellent team of experienced senior management. Luke Ellis has worked closely with me for the past seven years and I have known him for more than two decades. He is a superb leader for the business and a good friend, and I am pleased that he will be taking over from me to continue building a diversified and resilient firm focused on performance and serving our clients. Man Group is an excellent business and I am sad to be leaving, but I have decided to accept this new, outstanding opportunity and move back to the US where my family is based.”

Ellis says: “I have worked closely with Manny over several years, helping to build Man Group into the business it is and am excited and honoured to now be taking on the role of CEO. The investment management industry has faced a number of challenges in recent years, as have many parts of financial services. However, by continuing with our focus on performance and client service, and investing in our infrastructure and diversification as we build on our position at the forefront of the industry, I am confident that we can deliver significant long term value