Allianz SE, Europe’s largest insurer, promoted Douglas Eu to chief executive officer of a U.S. asset-management operation.
Eu will succeed Brian Gaffney in 2016 at Allianz Global Investors after leading the unit’s Asia Pacific division, the company said Tuesday in a statement. Gaffney will retire at the end of this year.
Allianz Global Investors manages about $500 billion in assets, according to the statement. It has 600 employees in the U.S. where Eu will oversee operations including sales, marketing and legal compliance, Megan Frank, a spokeswoman for the unit, said by telephone.
“Doug is a natural choice to take over leadership of AllianzGI in the U.S. given his knowledge of and experience with the U.S. market combined with his track record of successfully growing our business in Asia Pacific,” Elizabeth Corley, the unit’s global CEO, said in the statement.
Eu will continue to report to Corley, Frank said. He joined the company in 2006 from JF Asset Management, which is now part of JPMorgan Chase & Co., according to the statement.
Allianz SE, based in Munich, also owns Pacific Investment Management Co., which runs the world’s second-biggest bond mutual fund.