Allianz Global Investors' chief executive has scotched the idea of the firm one day merging with its California-based sister company Pimco, claiming the firms' distinct cultures mean they will continue to operate separately.

Newport Beach-headquartered Pimco and AllianzGI – both owned by German insurance giant Allianz – currently operate as two separate fund houses under Allianz Asset Management. Despite a wave of consolidating mega-mergers sweeping the industry, it will stay that way, according to Andreas Utermann.