Allianz Global Investors' co-head, global head of distributions and chief operating officer (COO) is to retire.
George McKay will step down in April 2018, having spent six years with the company. He will take on a non-executive vice-chairman role.
His COO duties will be taken over by Karen Prooth, who joins AllianzGI from Blackrock, where she has worked for the past 10 years, most recently as global platform head for ETF and index investments.
She has also worked for JPMorgan Asset Management and Prudential.
McKay said: 'In addition to being instrumental in ensuring our operational agility and efficiency as we continue to build our global active offering and to innovate on behalf of clients across asset classes, I know that Karen will make a significant contribution to the development of our company as a people-focused business, and she will play an active role in building on our already strong culture.'
Tobias C Pross, head of EMEA at the firm, will take on additional responsibility as global head of distribution.
Pross joined Allianz’s in 1999 and has since held a number of senior roles in distribution and client advisory.
Andreas Utermann, chief executive and global chief investment officer, said: 'George has made a tremendous contribution to the global success of AllianzGI over the past 10 years, first as COO for Asia Pacific, then as global COO and more recently as co-head of the firm.
'Throughout it all we have benefited from his wisdom, judgement, collaborative spirit and good humour. Naturally we’ll miss his leadership when he steps into a non-executive role next spring. Nevertheless, we are in very good shape with the succession arrangements in place with the appointment of Karen and expansion of Tobias’ role.'