The changes were set in train in the US last year where the distribution of PIMCO and Allianz Global Investors products was separated. The new corporate structure will come into effect across the globe at the beginning of next year.

Allianz believes that the new structure will enable both businesses to best tailor products and solutions for clients in the volatile investment climate.

The firm said in a statement that the scale of Allianz’s asset management business, with €1.4 trillion (about $1.98 trillion) in client assets, has been driven by the growth of PIMCO since it became part of the company about 11 years ago.

Jay Ralph, member of the management board of Allianz, will become chairman of Allianz Asset Management and establish and chair a global executive committee for the division. The committee will include Elizabeth Corley, chief executive-designate of Allianz Global Investors; Douglas Hodge, chief operating officer of PIMCO; and Thomas Naumann, who will become chief financial officer. Naumann is currently head of group planning and controlling at Allianz.