Allianz Global Investors (AllianzGI) has named Karen Prooth as the new global COO, replacing George McKay who will step down in April 2018 and assume a non-executive vice chair role.
Prooth will take up the new responsibility on 1 November 2017. Prooth joins from BlackRock, where she most recently served as the global platform head for ETF & Index Investments.
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By GlobalDataShe formerly served as the global co-COO of iShares and had also had stints at JP Morgan Asset Management and Prudential.
In addition, AllianzGI head of EMEA Tobias Pross will now assume the additional responsibility of global head of distribution.
Pross, who has been working at the firm since 1999, previously held several senior roles in distribution and client advisory.
AllianzGI CEO and Global CIO Andreas Utermann 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.
“Nevertheless, we are in very good shape with the succession arrangements in place with the appointment of Karen and expansion of Tobias’ role.”
