Allianz Global Investors has appointed a new head of its €31 billion Asian business as part of a reshuffle of its global leadership team.

The €412 billion manager said on Wednesday that Desmond Ng will become chief executive of its Asia-Pacific business from January, replacing Doug Eu, who the company said earlier this month will take control of its €79 billion US business at the turn of the year. Current US head Brian Gaffney is retiring at the end of this year.