James Dilworth, European chief executive at Allianz Global Investors (AGI), has left the asset manager to join €934bn rival Deutsche Asset and Wealth Management (DeAWM).

Dilworth, who left AGI with immediate effect, is likely to take up his new position as head of DeAWM’s active asset management early next year, subject to approval from Germany’s regulator.

His new role will also see him become chief executive of Deutsche Asset and Wealth Management Investment and join the manager’s executive committee, reporting to Michele Faissola, current head of DeAWM.

Dilworth has been with AGI since 2009, joining at the time from Morgan Stanley Investment Management.

He was later promoted to chief executive for Europe, once Elizabeth Corley was named the company’s global head.

In his time in the industry, he has also worked at Goldman Sachs Asset Management

Faissola said: “We are delighted a leader of James’s standing in the industry has chosen to join us.

“With his roots in both the US and Germany, his international experience and his outstanding track record, James has the background and skills to help us deliver our platinum aspiration.”

Dilworth replaces Wolfgang Matis, who retired as head of the €490bn active asset management in June.

AGI said Dilworth’s departure was by mutual agreement and thanked him for his “significant contribution” in integrating AGI’s European business.

“As envisaged in our governance procedures, George McKay, global chief operating officer, will assume the responsibilities on an interim basis,” AGI said in a statement.

“We will announce the succession in due course.”

McKay joined the company in 2006 as head of Asia-Pacific, and has worked at Mellon Bank and JP Morgan Fleming Asset Management.

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