Germany's Allianz Group and U.S. unit Pacific Investment Management Co. LLC are launching a new co-branded business in Australia to offer retirement income solutions.

The new business will add more than 50 Sydney-based professionals during 2019 in roles ranging from compliance to legal.

An executive search company will hire a CEO for the venture. Until a CEO is found, Adrian Stewart will assume the role in addition to his current position as PIMCO's head for Australia and New Zealand.