Diekmann, 59, will stay on until Allianz’s next annual general meeting in May when Baete, 49, takes over, the Munich- based insurer said in a statement today.
Investors have pulled billions of dollars from Pimco’s funds since Allianz said on Sept. 26 that Pimco Chief Investment Officer Bill Gross was joining Denver-based Janus Capital Group Inc. Analysts at Deutsche Bank AG were among those predicting outflows of more than $200 billion. Shares of Allianz, which has owned the world’s biggest mutual fund since 2000, fell the most in almost three years on the day Gross’s departure was announced, wiping out 3 billion euros ($3.8 billion) of the company’s market capital.
“The first challenge for the new CEO will be to get Pimco back on track and stem its outflows,” Werner Schirmer, an analyst with Landesbank Baden-Wuerttemberg who recommends investors hold Allianz shares, said by phone from Stuttgart. “That’s a difficult job -- they’ve acted so independently for so long.”
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