Pimco Is Getting a New Supervisor

West Coast money manager Pacific Investment Management Co. is getting a new overseer.

Germany's Allianz SE, Pimco's parent company, has hired Jacqueline Hunt, the former chief executive of insurer Prudential PLC's U.K., Europe and Africa arm, as a management board member overseeing its asset management and U.S. life insurance businesses starting in July.

Allianz owns Pimco as well as Allianz Global Investors, businesses that managed a combined €1.76 trillion ($1.96 trillion) in assets at the end of 2015 including some €487 billion for the insurer.

Pimco Chief Executive Douglas Hodge will report to Ms. Hunt, but Pimco's managers will remain in charge of investment strategies and decisions, a spokesman for the insurer said. Pimco and Allianz regularly discuss governance, risk management and human resource issues, the spokesman said.

Ms. Hunt left Prudential late last year. The Allianz management board meets about twice a month, the spokesman said.

She replaces Jay Ralph, who defended Pimco as the firm worked to stem outflows following the abrupt departure of co-founder Bill Gross in September 2014. Clients have continued to withdraw money since the departure, but the pace of redemptions has slowed.

Allianz said in a statement Thursday that Mr. Ralph had opted to leave the company to spend more time with his family.

Outflows at Pimco weighed on the asset management business's operating profit in 2015, which fell about 12%.

Write to Sarah Krouse at [e-mail]

(END) Dow Jones Newswires

March 10, 2016 12:35 ET (17:35 GMT)

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