One of the world's largest investment houses has announced a new head of its EMEA business.

PIMCO, the global investment house, has appointed Craig Dawson as head of Europe, Middle East and Africa. He replaces Bill Benz, who is retiring at the end of June after 30 years at the company.

Dawson, a managing director and head of PIMCO’s strategic business management, oversees the firm’s business in the region, including PIMCO’s London, Munich, Milan, Zurich and Amsterdam offices.

Dawson joined PIMCO in 1999. Previously, he was head of PIMCO’s business in Germany, Austria, Switzerland and Italy, and product management for Europe. He will relocate to London from Newport Beach, California.

PIMCO’s EMEA business comprises 460 employees in five offices, overseeing $520 billion in assets under management, as at 31 December 2015.

In December last year, Gordon Brown, the former UK prime minister, joined the firm. That hire followed the departure in 2014 of co-chief investment officers Bill Gross and Mohamed El-Erian. After the shock exit of “Bond King” Gross, who co-founded PIMCO in the early 1970s, the firm suffered heavy outflows. Gross is suing PIMCO for over $200 million for breach of contract and for conspiring to kick him out of the firm, according to reports. The firm responded by saying the case has no merit.