Cominvest, the asset management arm of Germany's Commerzbank, has poached Wolfram Gerdes from Allianz to replace Wolfgang Plum who retires next year as chief investment officer.

Gerdes was joint investment chief for Allianz Global Investors' Global Vision product, which combines investment services from the group's fund management affiliates including US bond specialist Pimco. He also helped create an absolute return fund business at Allianz.