Allianz Global Investors (AllianzGI) has announced that George McKay is to resign from his executive responsibilities at the company in April next year while he will be taking on non-executive vice chair role.
McKay, who joined the firm in 2006 responsible for operations across Asia Pacific, currently works as co-head, global head of distribution and global chief operating officer (COO) for AllianzGI. Since 2012, he has worked as a global COO and since 2016 he has been responsible for global distribution and has been co-head of the firm alongside CEO and global CIO Andreas Utermann.
In parallel, the firm has also announced the appointment of Karen Prooth to be made effective on 1 November 2017, who will be succeeding McKay as the new global COO. She joins Allianz from Blackrock, where she has been working for the last 10 years, most recently as global platform head for ETF & Index Investments. Prior to that, she was global Co-COO of iShares.
Prooth (pictured) also worked at JP Morgan Asset Management and at Prudential, and accumulates as a whole around 30 years’ financial experience.
In line with the succession plan, Tobias C Pross – currently head of EMEA at AllianzGI- will be taking McKay’s global distribution responsibilities, as global head of distribution from 1 April 2018.
C Pross joined Allianz’s asset management division in 1999 and has held since then, a wide number of senior roles in distribution and client advisory.
George McKay, co-head of AllianzGI, said: “In addition to being instrumental in ensuring our operational agility and efficiency as we continue to build our global active offering and to innovate on behalf of clients across asset classes, I know that Karen will make a significant contribution to the development of our company.”
Andreas Utermann, CEO and global CIO of AllianzGI, said: “George has made a tremendous contribution to the global success of AllianzGI over the past 10 years, first as COO for Asia Pacific, then as Global COO and more recently as Co-Head of the firm. Throughout it all we have benefitted from his wisdom, judgement, collaborative spirit and good humour. Naturally we’ll miss his leadership when he steps into a non-executive role next spring. But, we are in very good shape with the succession arrangements in place with the appointment of Karen and expansion of Tobias’ role.”