Allianz Global Investments, the asset management arm of German insurer Allianz, has announced the departure of its chief executive, Joachim Faber, effective 31 December 2011.  

Faber will be replaced by Jay Ralph, who will take responsibility for the asset management business as well as assuming the role of chief operating officer of the unit.

Meanwhile, Marna Whittington will step down from her position as COO on 31 March to focus on her role as CEO of Allianz Global Investors Capital and on the development of the Allianz GI business in the US.