ALLIANZ Global Investors Global COO George McKay to retire in April 2018

ALLIANZ Global Investors announced that George McKay, its Co-Head, Global Head of Distribution and Global Chief Operating Officer (COO) will take on non-executive Vice Chair role stepping down from executive responsibilities in April next year.

George McKay has been with ALLIANZ Global Investors since 2006, initially with responsibility for Operations across Asia Pacific and as Global COO since 2012. Since March 2016, he has also been responsible for Global Distribution and Co-Head of the firm alongside CEO and Global Chief Investment Officer (CIO), Andreas UTERMANN.

As part of the succession planning, ALLIANZ Global Investors has appointed Karen PROOTH as its new Global COO. She joins ALLIANZ Global Investors on 1 November from BLACKROCK, where she has worked for the past 10 years, most recently as Global Platform Head for ETF & Index Investments. Previously she was Global Co-COO of iShares. Karen PROOTH has nearly 30 years of relevant industry experience gained at BLACKROCK (initially Barclays Global Investors), JP MORGAN Asset Management and PRUDENTIAL.

At the same time, from 1 April 2018, Tobias PROSS, Head of EMEA at ALLIANZ Global Investors and a member of its Global Executive Committee since June 2015, will take on additional responsibility as Global Head of Distribution. Since joining ALLIANZ's asset management division in 1999, Tobias PROSS has held a number of senior roles in Distribution and Client Advisory.

Commenting on the changes, Andreas UTERMANN, CEO and Global CIO of ALLIANZ Global Investors, said: "George has made a tremendous contribution to the global success of ALLIANZ Global Investors 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 benefitted 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".

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