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(Bloomberg) — Allianz SE named board member Oliver Baete to succeed Michael Diekmann as chief executive officer as Europe’s biggest insurer grapples with upheaval at Pacific Investment Management Co.

Diekmann, 59, will stay on until Allianz’s next annual general meeting in May when Baete, 49, takes over, the Munich- based insurer said in a statement today.

Investors have pulled billions of dollars from Pimco’s funds since Allianz said on Sept. 26 that Pimco Chief Investment Officer Bill Gross was joining Denver-based Janus Capital Group Inc. Analysts at Deutsche Bank AG were among those predicting outflows of more than $200 billion. Shares of Allianz, which has owned the world’s biggest mutual fund since 2000, fell the most in almost three years on the day Gross’s departure was announced, wiping out 3 billion euros ($3.8 billion) of the company’s market capital.

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