Jay Ralph will become CEO and COO of Allianz Global Investors, confirmed AGI spokesman Hanno Strube.
Mr. Ralph will keep his current role as board member of AGI’s parent, Allianz SE, responsible for the company’s North American insurance business. He will become COO on April 1 and will take over as CEO on Jan. 1, 2012.
“We think there will be synergies and product development capabilities” between the insurance and asset management business, Mr. Strube said.
Mr. Ralph replaces Joachim Faber as CEO and Marna Whittington as COO. Mr. Faber will retire on Dec. 31, while Ms. Whittington will continue to serve as CEO of U.S. subsidiary Allianz Global Investors Capital. Ms. Whittington was CEO of Nicholas-Applegate Capital Management, another Allianz subsidiary, which was merged into Allianz Global Investors Capital in 2010.