Allianz Group said Allianz Global Investors' co-head of global head of distribution and global COO, George McKay, will retire in April 2018.

McKay will hold a nonexecutive vice chair role following his retirement from his executive posts. He has been co-head of the investment firm with CEO and global Chief Investment Officer Andreas Utermann since March 2016.

Karen Prooth will join Allianz Global Investors on Nov. 1 and take over the global COO post after McKay steps down. Prooth comes from BlackRock Inc. where she was global platform head for exchange-traded funds and index investment.

Tobias Pross will replace McKay as global head of distribution, adding to his roles as head of Europe, the Middle East and Africa and a global executive committee member.