(Bloomberg) -- Pimco named Emmanuel "Manny" Roman as its next chief executive officer, replacing Douglas Hodge, who presided over a tumultuous time that included the departure of Bill Gross and a plunge in assets at the firm.

Roman, 52, has been CEO of Man Group, the world’s largest publicly-traded hedge fund manager, since February 2013. He will assume his new position at Pimco, owned by German insurer Allianz SE, on Nov. 1, the Newport Beach, California-based firm said in a statement on Wednesday. Hodge will become a managing director and senior adviser.

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