Allianz Global Investors has promoted its head of Greater China and Southeast Asia, Frank Klausfelder, to Asia-Pacific chief operating officer, while Barbara Wong, head of marketing for Greater China and Southeast Asia, moved on last month.

George McKay had previously been regional COO before being promoted to global COO in January 2012 following a global restructuring at AllianzGI. He continued to also oversee Asia-Pacific operations, but handed that function to Klausfelder on August 1.

Klausfelder had been head of Greater China and Southeast Asia since 2009. As such, he was responsible for business strategy in Hong Kong and Singapore, as well as for the firm's qualified domestic institutional investor (QDII) business in China. Prior to that, he worked as CEO for Taiwan business.

He now oversees operations, information technology, legal and compliance functions for all AllianzGI’s entities in Asia Pacific, reporting to McKay and Asia-Pacific CEO Douglas Eu.

Christina Hui succeeds Klausfelder as head of Greater China and Southeast Asia, as well as taking his additional role as chief marketing officer (CMO) for Asia Pacific. She retains her previous responsibilities as head of retail distribution for Greater China and Southeast Asia.

AllianzGi is seeking a replacement for Wong, who joined the firm in November 2011. She previously worked for firms including Baring Asset Management, Fidelity and Schroders.

McKay had worked as Asia-Pacific COO since 2006, before succeeding US-based Marna Whittington in the global role last year, following her retirement.

Separately, AllianzGI released an Investor Insights note on Thursday, in which it underlines how recent market weakness created an attractive opportunity in US high yield.

It suggests the factors contributing to the market reversal (negative return in June) were more macro than fundamentally driven, given the prospect of a tempering of accomodative monetary policy.

"By combining the market reaction to the changing rate environment and the continued continued conviction that defaults remain low for the foreseeable future, the retreat in prices created an attractive opportunity," says Doug Forsyth, CIO for US fixed income at AllianzGI.