FRANKFURT (Reuters) - German insurer Allianz <ALVG.DE> has separated Pacific Investment Management (PIMCO) from its other asset management business to prepare it for the next decade, saying it was not a precursor to a sale of any unit.

The new division, called Allianz Asset Management, will consist of the two separate investment management businesses PIMCO and Allianz Global Investors, the company said on Tuesday.

Allianz Asset Management has around 1.4 trillion euros ($2.0 trillion) assets under management, making it one of the world's largest asset managers.

The changes follows the separation of distribution of PIMCO and Allianz Global Investors products, initiated last year in the United States.

Elizabeth Corley will be chief executive of Allianz Global Investors, while Andreas Utermann will be chief investment officer.

PIMCO continues to be led by co-founder and co-CIO Bill Gross and Mohamed El-Erian, who is CEO and co-CIO.

Allianz acquired PIMCO more than 11 years ago.

($1 = 0.709 euro)

(Reporting by Harro ten Wolde and Jonthan Gould; Editing by Dan Lalor)