Via Financial Times

Allianz Global Investors, the €557bn asset manager, has announced the departure of its chief executive officer after just three years in sole charge of the company.

Andreas Utermann will step down from the role at the end of this year and be replaced by Tobias Pross, currently global head of distribution at AllianzGI and a member of the company’s global executive committee.

Mr Utermann, a dual British and German citizen, was based in London. However, Mr Pross will be located in Munich, where the fund manager’s parent insurer, Allianz, is headquartered.

Deborah Zurkow, currently global head of alternatives, will take over Mr Utermann’s duties as global head of investments, based in London.

Mr Utermann’s departure comes after a relatively short tenure at the helm of AllianzGI. He took up the role as co-head of the business alongside Elizabeth Corley in 2012 but only became sole chief executive in 2016.

The 53-year-old is not understood to be taking up a senior role elsewhere in the fund industry. He said he was leaving to spend more time with his “still relatively young family”.

Mr Utermann added: “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.”

The Brussels-born executive was one of the fund industry’s most outspoken figures and a fierce critic of Brexit. Speaking to the Financial Times earlier this year, he described the politicians who campaigned to leave the EU, which include his former Brussels schoolmate Boris Johnson, as making “empty and unrealistic promises”.

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Allianz board member Jackie Hunt said: “[Mr Utermann] 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.”