Pimco, one of the world's biggest bond investors, has nabbed the head of hedge fund Man Group to be its next chief executive.

The firm says in a statement Wednesday that Manny Roman will replace current CEO Douglas Hodge, who will become a managing director at the company based in Newport Beach, California.

Luke Ellis will replace Roman at Man Group, one of the world's largest publicly-traded alternative asset managers.

The appointment comes after a tumultuous time for the Pacific Investment Management Co., or Pimco, one of the biggest names in fixed-income mutual funds. Its founder and billionaire, Bill Gross, left the firm in 2014 in an acrimonious split he claimed was due to an internal power struggle.