Search
 

Allianz names Oliver Baete CEO amid upheaval at Pimco

Allianz SE named board member Oliver Baete to succeed Michael Diekmann as chief executive officer as Europes biggest insurer grapples with upheaval at Pacific Investment Management Co.

By Oliver Suess, Bloomberg | Updated on October 02, 2014
(Bloomberg) — Allianz SE named board member Oliver Baete to succeed Michael Diekmann as chief executive officer as Europe’s biggest insurer grapples with upheaval at Pacific Investment Management Co.

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.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.