By David Ricketts Of Financial News

 

Andreas Utermann, the chief executive of Allianz Global Investors, is to step down from his role after eight years running the 557 billion-euro ($613.5 billion) asset manager.

Utermann, who took sole charge after former co-head Elizabeth Corley stepped back in 2016, will retire on Jan. 1, 2020, according to a statement. Tobias Pross, global head of distribution, will become AllianzGI's new chief executive. Pross has been a member of AllianzGI's global executive committee since 2015.

Utermann--who has worked at Allianz since 2002--was also AllianzGI's global chief investment officer. He will be succeeded in this role by Deborah Zurkow, a regular on Financial News's annual list of the most influential women in European finance, and who has overseen the expansion of the investment group's alternatives business.

Utermann will remain available to the new leadership of AllianzGI on an advisory basis for the first six months of 2020.

Brussels-born Utermann is one of the most outspoken asset management chief executives in the City. Last year he told FN that he worried London faces a "brain drain" as a result of Brexit, and called the U.K.'s departure from the European Union an "unmitigated disaster".

Commenting on his departure, Utermann said: "Leaving AllianzGI will not be easy. Having had the opportunity to work alongside so many talented and engaging people, to develop and lead a strong team and to build a respected global investment business, is a source of great pride.

"It is therefore comforting to be able to pass on the leadership of the firm to Tobias and Deborah, both of whom have the energy, insight and values to develop further AllianzGI's offering and reputation."

Jackie Hunt, a member of the Allianz board of management with responsibility for asset management, said Utermann "will be missed".

She added: "He hands over the leadership of the firm to individuals who are well placed to make the best of the options available to AllianzGI to continue to serve clients well in a period of change within the industry. I wish Andreas well and look forward to working more closely with Tobias and Deborah from 2020."

 

Website: www.fnlondon.com

 

(END) Dow Jones Newswires

November 11, 2019 07:47 ET (12:47 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Feb 2024 to Mar 2024 Click Here for more Allianz Ag Muenchen Namen (PK) Charts.
Allianz Ag Muenchen Namen (PK) (USOTC:ALIZF)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more Allianz Ag Muenchen Namen (PK) Charts.