Sudi Mariappa, the former bond head and Managing Director at PIMCO who worked closely with founder Bill Gross, will join GLG, the investment management division of London-based Man Group to manage the firm’s renewed push into fixed-income hedge funds.
Mariappa was at PIMCO from 2000 to 2010, being promoted to Managing Director in 2003. He ran the Global Portfolio Team until 2008, managing a team of investment managers around the globe. In his last year at PIMCO, Mariappa was named senior advisor and worked with Gross on the firm’s hedge funds, also directing other risk, strategy and advisory projects.
Man Group, a hedge fund firm that had $52.7 billion in assets under management as of June 30, was purchased by GLG, a bond and credit fund management firm, in 2010 and has reportedly struggled in recent years with fund outflows in the wake of poor performance. Man’s stock on the London Stock Exchange has dropped about 75% since the beginning of 2011, and the firm has sought to regain momentum with cost cuttings and a refocus on other investment sectors, such as fixed income.