Brian Gaffney is saying goodbye to Allianz [profile], and an ex-PM and company bigwig stationed on the other side of the globe will fill his shoes.

Yesterday Elizabeth Corley, global CEO of Allianz Global Investors (Allianz's asset management unit) confirmed that AGI U.S. CEO Gaffney will retire at the end of 2015, to be succeeded by Doug Eu next year. Eu has spent the past nine years as CEO of Asia Pacific for AGI.

Bloomberg and Pensions & Investments both reported on the news.

Gaffney and Eu come from different sides of the asset management business. New York City-based Gaffney was a 15-year Neuberger Berman veteran who came from the sales side of the business. He joined AGI as CEO of its U.S. business in 2008. He's an alumnus of Stonehill College.

Eu, on the other hand started out as a research analyst and for 19 years he rose up through JF Securities and JF Investment Management (later called JF Asset Management, now part of J.P. Morgan Asset Management). He was a PM, the market specialist for Greater China. In 2006 he joined AGI as CEO of its Asia Pacific business, and he is based in Hong Kong. He's an alumnus of both Vassar and London Business School.

Corley describes Gaffney as "a driving force behind the development of [AGI's] US business." And Corley praises Eu as "a natural choice to take over leadership of AllianzGI in the US," pointing to Eu's "track record of successfully growing [AGI's] business in Asia Pacific." 

Edited by: Neil Anderson, Managing Editor


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