Pimco will be entitled to more operational autonomy as Allianz Global Investors (AGI) will restructure its business in January, Financial Times reports. Pimco, owned by German insurer Allianz, will distribute its products independently to clients in Europe and Asia under the supervision of founder Bill Gross and CEO Mohamed El-Erian.
Pimco will function as a separate investment management business, along with AGI, in a holding company named Allianz Asset Management. Jay Ralph, head of Allianz in North America and COO of AGI, will lead the venture. The existing CEO of AGI Joachim Faber is stepping down from his post and will be succeeded by Elizabeth Corley, head of AGI in Europe.
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