12:00am MST
Wed Jan 12, 2011 9:20am EST
* Allianz reduces board members to nine from 10
* Allianz Global Investors CEO Faber to retire Dec. 31
* Nafta head Jay Ralph to be AGI’s CEO from 2012
FRANKFURT, Jan 12 (Reuters) – Allianz (ALVG.DE) will trim its board to nine members with the retirement of the head of its Global Investors unit, Joachim Faber, at the end of the year.
Allianz said Jay Ralph, now board member in charge of North American insurance markets, will in addition take on responsibility for asset management, now run by Faber, from Jan. 1, 2012, the insurer said in a statement on Wednesday.
Faber, 60, will retire on Dec. 31 after more than 10 years as head of Allianz Global Investors (AGI), one of the world’s biggest asset managers with more than 1.4 trillion euros ($1,817 billion) in assets under management.
North America is a key region for AGI, whose brands include the world’s largest mutual fund, Pimco.
Ralph spent six years as an investment officer with Northwestern Mutual Life Insurance Company and nearly a decade as head of Allianz’s unit tasked with transferring insurance risks to the capital markets, before becoming a board member at Allianz at the start of 2010. [ID:nWEA4185]
His background in both asset management and insurance will serve him well as head of AGI, which currently aims to add 10 percent per year to assets under management on average over the typical market cycle lasting four to five years.
Five percentage points of that expansion each should come from market growth and from net new inflows of cash to be invested, according to the targets.[ID:nLDE6AF1BC]
via UPDATE 1-Allianz trims board on retirement of AGI’s Faber | Reuters.
