EUROPE - Allianz Global Investors (AGI) has promoted James Dilworth, its head of Germany, to chief executive for Europe, replacing Elizabeth Corley.

The promotion comes after Corley was named chief executive designate for AGI earlier this year. She will assume her new role in January.

Meanwhile, European chief market officer Thomas Wiesemann will head up the global solutions unit starting in the new year, covering risk management, pensions investment, fiduciary management and alternative beta investing.

He previously served as co-chief executive at AGI KAG.

Dilworth and Wiesemann will also join the company's global executive committee alongside Corley, chief investment officer Andreas Uterman, chief financial officer Wolfgang Pütz, Brian Gaffney - responsible for North America - and Douglas Eu, who oversees AGI's Asian operations.

The committee also includes global chief operating officer George McKay and his US counterpart John Maney.

Dilworth joined AGI as head of Germany in 2009, having previously served as European head of Morgan Stanley Investment Management and head of Goldman Sachs Asset Management Germany.

In September, the company announced a reshuffle of its asset management business, unifying AGI and PIMCO within a single holding company called Allianz Asset Management, which will be headed by Jay Ralph once Joachim Faber steps down next month.