In the second leadership reshuffle this year at German fund house Allianz Global Investors, Elizabeth Corley will step down from her role as chief executive and co-head on March 1 next year. Chief investment officer and co-head Andreas Utermann will take on the role of CEO.

George McKay, global chief operating officer (COO) and previously acting head of Europe, will join Utermann as co-head of the firm, which has €446 billion ($490 billion) in assets under management.

This continues the structure whereby two co-leaders of the firm have distinct responsibilities but shared accountability. Utermann will continue to be responsible for AllianzGI’s investment platform, while McKay will oversee global distribution, global solutions, corporate marketing and COO functions.

McKay joined in 2006 in Hong Kong as Asia-Pacific COO, before taking on the global post in January 2012. He relocated to London in April 2014.

Desmond Ng, who will succeed Douglas Eu as head of Asia Pacific from January 1, will report to Corley until March 1, then to McKay. Eu is moving to become CEO of AllianzGI's US business.

Corley will take on the newly created role of vice chair. In this part-time, non-executive role, she will continue to represent the firm externally on certain industry, policy and regulatory matters as well as in ad hoc client engagement.

A spokesman said: “We do not anticipate any change to strategic direction as a result of the management changes.”

Corley became global CEO since 2011, after joining in April 2005 as Europe CEO. Prior to joining Allianz, Corley spent 11 years at Merrill Lynch Investment Managers, most recently as head of Europe, the Middle East, Africa and Asia-Pacific mutual fund business. Before that, Elizabeth was consultant and then partner at Coopers & Lybrand.