The offices of Pacific Investment Management Co (PIMCO) (R) are shown in Newport Beach, California August 4, 2015. REUTERS/Mike Blake

Pacific Investment Management Co has poached Emmanuel Roman from Man Group, the world’s largest listed hedge fund managers, as it attempts to reverse a recent slump in fortunes since its co-founder Bill Gross decided to leave in 2014.

Pimco built its reputation mostly through management of basic income securities, but has since been under pressure to alter a drop in the assets under its management since the departure of Gross, who is nicknamed ‘the Bond King’.

California-based Pimco, managed $1.5 trillion as at the end of March, which is down from previous peaks of $2 trillion (scored) three months into 2013.

The asset manager has fully engaged in diversifying its investor base in the last few years to attract clients who buy equity products but hasn’t quit been able to replicate its previous success in basic income investment.

Roman, 52, will assume the position of chief executive officer of Pimco from November 1, replacing Douglas Hodge who will remain within management as a senior advisor.

Under Roman’s leadership, Man was restructured to reduce its dependence on AHL the trend-chasing computer-driven investments.

Man lost about a $100 million in assets during the first quarter of the year 2016, which trimmed them to about $78.6 billion.

Roman earns $1.1 million per year with Man and received cash bonuses of $2.5 million for 2015.

Luke Ellis will become the new CEO of Man on September 1, while Jonathan Sorrell will remain as the firm’s president as well as its chief financial officer. Ellis currently works with Roman as president, and oversees Man’s four investment units and is a member of the executive committee.

Man’s shares opened up trading sales 3% lower at 119 pence. However, it has since recovered some ground after trading 0.9% lower at 121.2 pence as at 1415 London time.