Allianz announced Tuesday 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.

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