GERMANY - James Dilworth, former head of European at Morgan Stanley Investment Management, is joining Allianz Global Investors Germany from 12 October as its new chief executive, ahead of major changes to its European operational strategies.

Dilworth (pictured), who left his position at MSIM in March this year after two years in the job, is well-known in the German asset management market as he has worked in that space for 25 years and was previously head of Goldman Sachs Asset Management Germany.

His arrival at Allianz GI is part of a series of management changes within the firm which will see Thomas Wiesemann remain as co-CEO of Allianz Global Investors KAG but take on additional duties as the newly-created chief market officer for Allianz Global Investors Europe.

Wiesemann's new role will be to oversee the functionality, product and marketing strategy of the European operation and establish a centrally coordinated approach for all local firms, regardless of their location.

The intention, said a spokesman for the firm, is to take the best practice of individual countries and instill it across all divisions for the benefit of multinational companies, for example, who might look for international practice in pension management but seek the assistance at a local level.

The role is designed to extend the products and marketing previously targeted only at individual countries but at the same time create a single governance process and risk management strategy for firms working cross-border.

Horst Eich, who has been working with Wiesemann as co-CEO of Allianz Global Investors Germany and CEO of Allianz Global Investors Product Solutions, is also expected to assume a senior management role within Allianz, though no further information has been given at this stage.

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