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Allianz to name successor to PIMCO's Gross within hours

Reuters

FRANKFURT (Reuters) - German insurer Allianz (ALVG.DE) said it would announce a successor to Bill Gross in a matter of hours after the chief investment officer at its PIMCO investment fund unit resigned on Friday.

"PIMCO has activated its succession plan and will announce a successor within the next several hours," Allianz said in a statement.

Bill Gross, one of the bond market's most renowned investors, is leaving PIMCO for rival asset management firm Janus Capital Group (JNS.N).

(Reporting by Edward Taylor; Editing by Maria Sheahan)