Man Group, the listed hedge funds business, has appointed a new chief executive.

UK-listed Man Group, the alternative investments house and one of the biggest of its kind worldwide, today said that Luke Ellis will succeed Emmanuel Roman as chief executive on 1 September.

Roman will step down from the firm's board at the end of August to take up his new role as CEO of PIMCO, the US-headquartered fixed income investments giant, from 1 November. PIMCO’s current CEO, Douglas Hodge, will assume a new role as managing director and senior advisor when Roman joins PIMCO, the latter firm said in a separate statement today.

Ellis has worked alongside Roman since 2012 as president of the firm. Jonathan Sorrell will continue as president of the firm alongside his role as chief financial officer. Ellis joined Man Group in 2010. He is responsible for managing Man Group's four investment units: Man AHL, Man GLG, Man Numeric and Man FRM.

Prior to this, Ellis was head and CIO of Man Group's multi-manager business and non-executive chairman of GLG's multi-manager activities. He was managing director of FRM and ran the business from 1998 to 2008. Before joining FRM, Ellis was a managing director at JP Morgan and global head of equity derivatives and equity proprietary trading.

At the end of December last year, Man Group, the world's largest listed hedge funds and alternatives firm, had $78.6 billion of assets under management.