Allianz Global Investors has named a new chief executive officer and global head of investments to replace CEO Andreas Utermann next year.
Tobias Pross, the firm’s global head of distribution, will become CEO at the start of January, while global head of alternatives Deborah Zurkow will take over as global head of investments at the same time, according to a statement Monday from Allianz. Utermann, who now fills both of those roles, will be available as an adviser to the new leaders for the first half of 2020.
The shakeup is part of a succession plan at Allianz Global Investors, which Utermann has led as CEO since 2016. The group belongs to German insurer Allianz’s asset management business, which, including its U.S. fixed-income manager PIMCO, oversees more than €1.6 trillion (about $1.77 trillion).
Pross has worked at Allianz for more than two decades, helping to drive a client-centric strategy at the unit he’ll soon lead. Zurkow, meanwhile, has overseen the “rapid growth” of its alternative investing business, according to the statement.
“She has championed the opportunity for institutional clients to co-invest alongside Allianz in a number of AllianzGI’s private market strategies,” Allianz said. The alternatives group now manages more than €77 billion of assets, the firm said.
Utermann is stepping down after almost two decades at Allianz.
He joined Allianz in 2002 to help build a “multi-boutique investment” firm, according to the statement. Since 2012 he has also served as global CIO, overseeing the expansion of the active management firm’s fixed-income and alternatives group.