Allianz Global Investors, the UK-headquartered investment firm, has rehired a former executive to be the head of its Korean business.

Eugene Eun Soo Chung rejoins the company as chief executive for Korea starting 17 June 2013, following approval by the board of directors. Chung was chief investment officer of fixed income at AllianzGI Korea from 2001 to 2006. Prior to that, he was head of fixed income for Allianz Insurance Korea for two years. He most recently served as CEO and president at KyoboAXA Investment Managers, Korea.

Chung takes over from Kwanghyun Kyung, the chief operating officer who served as acting CEO after Wonil Lee left the company in February this year.

Allianz Global Investors Korea was founded in 2000 by Allianz Group and Korea's Hana Bank.