The FINANCIAL -- Allianz Global Investors announced on October 28 that with effect from 1 March 2016 Elizabeth Corley will step down as CEO and co-head of Allianz Global Investors, at which point Andreas Utermann will take on the role of CEO. At that time, George McKay, previously acting head of Europe and currently global chief operating officer (COO) at AllianzGI, will join Andreas Utermann, global chief investment officer (CIO), as co-head of AllianzGI.
Elizabeth Corley will take on the newly created role of Vice Chair at AllianzGI. In this part-time, non-executive role, she will continue to represent the firm externally on certain industry, policy and regulatory matters as well as in ad-hoc client engagement, according to Allianz.
AllianzGI will continue to operate a co-head structure where the leaders of the firm have distinct responsibilities yet shared accountability. Andreas Utermann will continue to be responsible for the firm’s investment platform as Global CIO, whereas George McKay will be responsible for global distribution, global solutions, corporate marketing and COO functions.
Commenting on the changes, Andreas Utermann said:
“Elizabeth’s inspirational leadership, passion for investment and boundless positive energy have contributed immeasurably to the success and standing of AllianzGI today. Naturally, I am delighted that she will continue to act as an ambassador for the firm into the future. Equally, I look forward to cementing a similarly productive partnership with George, who has demonstrated his leadership and agility in many roles since joining the firm in 2006.”
Elizabeth Corley said:
“It has been a privilege to work for Allianz Global Investors for the last 10 years and to lead the firm’s global development alongside Andreas for the past four years. I care deeply about what we have achieved for our clients over this period, and what more the firm can do for them in the future. This is a wonderful company with fantastic employees and I am most grateful to them making my time here such a pleasure. I know that AllianzGI will continue in good hands and I am delighted to be able to support the company and our clients in a non-executive capacity from next March.”
Jay Ralph, Chairman of Allianz Asset Management and member of the Management Board of Allianz SE responsible for asset management, commented:
"Elizabeth has deftly steered AllianzGI to become a successful, globally integrated asset manager. Her strong partnership with Andreas has set the tone of client-focused collaboration that is one of the firm's hallmarks and is something that can be expected to continue into the future with George joining Andreas as co-head of the firm. We look forward to Elizabeth’s continued counsel as she develops her non-executive career."