The head of the parent company of Pimco
] and Allianz Global Investors
] just hired a new asset management chief.
| Jacqueline Hunt|
Asset Management Chief
CEO Oliver Baete confirms
that on July 1 Jackie Hunt
, 47, will join the German multinational's board of management
to oversee the U.S. life insurance business and all of asset management, which includes both Pimco and AGI. Hunt succeeds Jay Ralph
, 57, "who is leaving Allianz at his own request to devote more time to his family."
and the Financial Times
both reported on Hunt's appointment.
Hunt most recently spent two years as CEO of Prudential plc
(the British insurer, not the American one based in Newark) for Africa, Europe, and the United Kingdom. A native South African, Hunt is an alumnus of the University of the Witwatersrand, she started out at Deloitte & Touche and held chief financial officer posts at Aviva, Norwich Union, and Standard Life.
offer analyst reactions to the shakeup.
"I am surprised she has managed to get this role," UBS
analyst James Shuck
tells the FT
. "To oversee Allianz's asset management business is a step up for her."
"It's definitely a rejuvenation of the board, and any resulting boost in management's energy is something to welcome," Landesbank Baden-Wuerttemberg
analyst Werner Schirmer
. "Still, it's not as if younger executives will find it any easier to navigate this environment. The asset-management industry faces difficulty in generating returns."
Hunt's appointment and Ralph's departure come shortly after a new CEO, former Asia Pacific chief Doug Eu
, took over
the asset manager in the U.S. An AGI spokeswoman confirms that Eu continues to report to Andreas Utermann
, chief investment officer and now CEO
of all of AGI. Utermann's predecessor as AGI CEO, Elizabeth Corley
, just became non-executive vice chair of AGI.
Allianz's other asset management arm, Newport Beach, California-based fixed income titan Pimco, has been led by CEO Doug Hodge
for the past two years. Reuters reports
that, in a letter to Allianz shareholders, Baete says that "Pimco will again be an area of focus for Allianz in 2016."
Baete also revealed that on January 1 Gunther Thallinger
will join the Allianz board of management, succeeding Max Zimmer
to oversee investment management as well as global life and health.
Neil Anderson, Managing Editor
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