Joachim Faber, who built Allianz Global Investors from small beginnings into one of the world’s top five asset gatherers managing nearly $1.5 trillion, has announced that he will retire as its overall head at the end of this year

Faber's retirement at 60 coincides with the decision by Marna Whittingdon, 63, to step down in March as chief operating officer of AGI, owned by German insurer Allianz. She will remain chief executive of Allianz Global Investors Capital, a business based in California known as Nicholas Applegate until recently.