Bill Benz, the head of Pimco in Europe and a 30-year veteran of the firm, will retire later this year – the second big-name departure from London's investment community to be announced on February 1.

Benz, who joined the world's largest bond manager in 1986, will step down as head of Europe, the Middle East and Africa at the end of June, according to a statement on February 1. He will be replaced by Craig Dawson, a managing director and Pimco's head of strategic business development, who will relocate from Newport Beach, California.