Allianz Global Investors chief executive Elizabeth Corley is to step down from her role to take on a non-executive position as vice chair at the firm.
Current CIO and co-head of the firm Andreas Utermann will split responsibility for Corley’s role as chief executive and co-head of Allianz GI with George McKay, Allianz GI’s acting head of Europe and current chief operating officer.
Utermann will continue to be responsible for the firm’s investment platform as global chief investment officer.
Meanwhile, McKay will become co-head, taking responsibility for global distribution, global solutions and corporate marketing, while retaining his operating officer responsibilities.
The new structure will be effective from March 2016, the firm said.
Jay Ralph, chairman of parent company Allianz Asset Management, says of Corley: “Her strong partnership with Andreas has set the tone of client-focused collaboration that is one of the firm’s hallmarks and is something that can be expected to continue into the future with George joining Andreas as co-head of the firm.”
In her new part-time role, Corley, who has been at the firm for 10 years, will continue to represent the firm externally.
Utermann says: “Elizabeth’s inspirational leadership, passion for investment and boundless positive energy have contributed immeasurably to the success and standing of Allianz GI today.
“Naturally, I am delighted that she will continue to act as an ambassador for the firm into the future. Equally, I look forward to cementing a similarly productive partnership with George, who has demonstrated his leadership and agility in many roles since joining the firm in 2006.”