Investment group Pimco has raided rival Man Group for its new leader.
Manny Roman has been appointed as Pimco's new chief executive, having held the same role at Man Group, the world's biggest listed hedge fund, for three years. He takes up his new role on 1 November and will be replaced at Man Group by current president Luke Ellis.
Shares in Man Group dropped by 3.7 per cent at the open.
“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,” said Daniel Ivascyn, managing director and investment chief at Pimco.
Roman said it was an "honour to be chose as CEO of Pimco, a firm which embodies the finest principles of asset management".
He added: "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.
"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."
Roman will replace Douglas Hodge at Pimco. Hodge will take on the role of managing director and sevior adviser when the new boss joins.
Before joining Man Group in 2010, when it acquired GLG Partners, Roman worked at Goldman Sachs.
When he was appointed chief exec at Man Group, replacing Peter Clarke, Roman vowed that he would keep costs low. His elevation to the top role was praised at the time, with sources claiming the appointment would give Man Group a new lease of life.
During Roman's tenure at Man, the stock rose significantly between 2013 and 2015, although it has fallen back over the last number of months.