Allianz announced it is rolling up its Allianz asset management division and PIMCO units into a new structure to be called Allianz Asset Management, effective Jan. 1.

The new unit will enable the Allianz and PIMCO brands to stand more distinctly—and formidably—on their own, parent Allianz said. While Bill Gross and Mohamed El-Erian will continue to run PIMCO as co-CIOs, with El-Erian also CEO, Allianz will be led by Elizabeth Corley as CEO and Andreas Utermann as CIO.

“This new structure will enable both asset management businesses to best tailor products and solutions to meet their clients’ needs amidst a changing and volatile investment landscape,” Allianz said. “The changes follow the development that began in the U.S. market last year, whereby the distribution of PIMCO and Allianz Global Investors products has been separated. Through these evolutionary changes, PIMCO and Allianz Global Investors will have the scale and the opportunity to further develop their distinctive businesses globally.”