FRANKFURT (Reuters) - German insurer Allianz (>> Allianz SE) 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 (>> Janus Capital Group Inc).
(Reporting by Edward Taylor; Editing by Maria Sheahan)