Allianz SE’s top asset-management executive is leaving her day-to-day role, according to the company, part of a wider management shake-up that follows the launch of a Justice Department investigation into losses by a suite of funds run by the company.

The Wall Street Journal last week reported that Jacqueline Hunt was in talks to depart. Hunt will be succeeded as of Friday and will serve as a consultant to Chief Executive Oliver Bäte going forward, the company said.