UK- Allianz Dresdner Asset Management (ADAM) has announced the appointment of Andreas Utermann who is joining the firm as global chief investment officer for its equity division.

In his new job Utermann, who joins Allianz at the beginning of November, will also take up the post of CIO for Dresdner RCM Global Investors although Allianz Dresdner’s fixed income division Pimco will continue to operate independently.

Utermann succeeds Bill Price, who will step down and concentrate on his role as CIO for Dresdner RCM San Francisco.

Earlier this year Utermann left Merrill Lynch Investment Management where he was head of global equities outside the US.

Utermann will also be appointed to ADAM's executive committee. He and Udo Frank, global CEO for equity will work closely on both the institutional and retail sides of the business.

Allianz Dresdner Asset Management is the asset management division of Munich-based Allianz Group and manages a total of e1,100bn, of which e577bn is on a third party basis.