GERMANY - Allianz Global Investors chief executive officer (CEO) Joachim Faber has announced his intention to retire at the end of the year.
Allianz Global Investors is the parent company of PIMCO and Nicholas-Applegate Capital Management. Faber (pictured) joined the firm in 1997 as chief financial officer and has held the positions of CEO Board of Management member since 2000.
Allianz also announced Marna Whittington will step down from her position as chief operating officer (COO) on 31 March 2011, in order to focus on her regional role as CEO for both Allianz Global Investors Capital and Nicholas-Applegate Capital Management. She will also lead the development of the AllianzGI business in the US and will continue as head of the US equity business.
Allianz member of the Board of Management Jay Ralph, who is responsible for the North American Free Trade Agreement (NAFTA) markets and the US-based Allianz Life Insurance, will be assuming both roles. He will take on the position of COO from 1 April and will be named CEO replacing Faber from 1 January 2012.
Canada Life has signed a £351m bulk annuity contract insuring the pensioner liabilities of 2,510 members and dependents in the AA UK Pension Scheme.
In this week's Pensions Buzz, we want to know if you believe there is ever a case for combining retirement savings products with other savings products, and if the PPF levy for sponsorless schemes is appropriate for DB consolidators.
The Insolvency Service has disqualified four directors of trustee firms from running companies for a total of 34 years following an investigation.