Allianz Global Investors (AllianzGI) has snapped up a fixed-income specialist as it continues to expand its reach in the asset class.
The firm announced today that it has struck a deal to acquire Rogge Global Partners, a London-based bond firm with €34 billion ($38 billion) in assets, for an undisclosed sum.
The acquisition will “further strengthen AllianzGI’s growing fixed-income capability and client proposition,” the firm said. AllianzGI will also serve as a strategic partner for Rogge to provide “greater distribution potential for its strategies.”
“The two business are a natural fit in terms of both product mix and culture,” said Andreas Utermman, AllianzGI’s global CIO and CEO-elect. “The complementary nature of the fit extends also to geographic footprint, which will substantially enhance AllianzGI’s footprint in the UK as well as making [Rogge’s] strategies available to more clients globally.”
The release said Rogge’s investment team will join AllianzGI’s global investment platform, and there would be no change to its investment processes.
AllianzGI has been building out its fixed income resources over the last few years. According to the firm, it has created an Asian fixed income team, developed an emerging market debt team, and recently bolstered its UK team with new hires.
The firm’s fixed income assets also grew from €109 billion to €167 billion over the last four years. AllianzGI has a total of €427 billion in assets under management. Its sister company, Newport Beach, California-based PIMCO, runs $1.43 trillion, the majority of which is in fixed-income assets.
The acquisition is subject to regulatory approvals, and is expected close by the end of 2016’s second quarter.
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