There is change at the top of the asset management business of Germany's Allianz Group.

Allianz Global Investors' chief executive, Elizabeth Corley, will step down from her role and pass the reins to the firm's global chief investment officer, Andreas Utermann.

Following Corley's departure from the role at the beginning of March 2016, Utermann will be joined by George McKay, the firm's current global chief operating officer, as co-head of AllianzGI. McKay, who previously served as head of Europe, will be responsible for global distribution, global solutions, corporate marketing and COO functions. Meanwhile, Utermann will retain his responsibilities as global CIO.

Corley, who has led the firm since 2005, will take on the newly-created role of vice chair at AllianzGI. In this part-time, non-executive role, she will continue to represent the firm externally on certain industry, policy and regulatory matters as well as in ad-hoc client engagement.

“Elizabeth has deftly steered AllianzGI to become a successful, globally integrated asset manager,” said Jay Ralph, chairman of Allianz Asset Management and member of Allianz's management board, responsible for asset management.

“Her strong partnership with Andreas has set the tone of client-focused collaboration that is one of the firm's hallmarks and is something that can be expected to continue into the future with George joining Andreas as co-head of the firm. We look forward to Elizabeth’s continued counsel as she develops her non-executive career.”

Allianz Global Investors, which has 24 offices across 18 countries, managed more than €446 billion ($494 billion) in assets for individuals, families and institutions as of the end of June.