Allianz SE (ALV.XE), Europe's largest insurer, Tuesday said it is reorganizing its asset management business to give better visibility to its two main brands, Pimco and Allianz Global Investors.

Pimco is Allianz's global fixed-income securities business, while Allianz Global Investors groups the company's equity investment. The two will be paired up in a new unit called Allianz Asset Management, with EUR1.4 trillion in assets in its care.

Allianz spokesman Hanno Strube stressed that "no sale or initial public offering of either of the two brands is planned," and said there will be no change to Pimco's management team or Pimco's standing as an independent entity within the group.

Allianz Global Investors' management team is being strengthened by the reorganization, Strube said. The new structure will be effective Jan. 1, when Jay Ralph will succeed Joachim Faber as head of asset management on Allianz's management board.

Strube said Faber and Ralph jointly developed the new structure to move away "from a family of boutiques model to a clear two-pillar structure." The new structure also reflects the shift toward a customer-oriented businesses rather than just brands, the Allianz spokesman said.

-By Ulrike Dauer, Dow Jones Newswires; +49 69 29725 500; ulrike.dauer@dowjones.com