MONEY MANAGEMENT

Allianz Global Investors picks global CIO to take on CEO role next year

Andreas Utermann was named CEO at Allianz Global Investors, effective March 1, a spokesman said.

Mr. Utermann will take over from Elizabeth Corley, who will also step down as co-head of AllianzGI. She will become vice chairwoman at AllianzGI, a new position.

Mr. Utermann will retain his current role as global chief investment officer. He is also co-head of AllianzGI. George McKay, global chief operating officer, will become co-head of AllianzGI.

The firm operates under a co-head structure, with distinct responsibilities and reporting lines for Messrs. Utermann and McKay, but shared accountability. Mr. Utermann will continue to be responsible for the firm’s investment platform. Mr. McKay will be responsible for global distribution, global solutions and corporate marketing.

“(Ms. Corley’s) inspirational leadership, passion for investment and boundless positive energy have contributed immeasurably to the success and standing of AllianzGI today,” said Mr. Utermann in a news release. “Naturally, I am delighted that she will continue to act as an ambassador for the firm in to the future. Equally, I look forward to cementing a similarly productive partnership with (Mr. McKay,) who has demonstrated his leadership and agility in many roles since joining the firm in 2006.”

The spokesman said Ms. Corley’s new role is part time, and she will sit on certain industry bodies and continue to engage on policy and regulatory topics on AllianzGI’s behalf. Mr. Utermann will also take “a more prominent industry leadership role” by adding to the number of industry organizations in which he participates, the spokesman said.

AllianzGI has €446 billion ($506 billion) in assets under management.