LONDON â€" Sudi Mariappa, the former global head of portfolio management at Pimco, the world's largest bond fund manager, has joined the Man Group, the embattled London-based hedge fund that is looking to expand its bond investments.
Mr. Mariappa will oversee a series of bond funds in the Man Group's GLG unit. The hedge fund bought GLG Partners for $1.6 billion in 2010 in an effort to diversify its range of investment funds, though investors have continued to pull money out of the firm.
“We look forward to building our business in an asset class which has many attractions for investors in today's volatile market environment,†Manny Roman, the Man Group's chief operating officer, said in a statement.
Mr. Mariappa, who worked at Pimco for 10 years until 2010, joins the Man Group at a difficult time. The firm, one of the world's largest publicly traded hedge funds, has been trying to bolster its operations amid global volatility in the financial markets . In July, the Man Group said it would find an additional $100 million of cost savings by the end of 2013.
