Allianz GI acquires £24bn bond fund manager

Business-Handshake-Finance-Deal-700.jpgAllianz Global Investors has acquired bond fund manager Rogge Global Partners for an undisclosed sum.

Following the deal, which is subject to regulatory approval, RGP, which has £24.1bn of funds under management, will maintain its investment team and process.

Allianz will acquire 100 per cent of the issued share capital in RGP from Old Mutual and RGP management.

In December, it was reported Aberdeen Asset Management, Macquarie and ScotiaBank were also among the bidders for RGP.

AllianzGI global CIO and CEO-elect Andreas Utermann says: “We are delighted that RGP have chosen to partner with AllianzGI as the springboard for the next stage of their development. The two businesses are a natural fit – in terms of both product mix and culture – and we really look forward to working together closely for our clients’ mutual interests.

“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 RGP’s strategies available to more clients globally.”

Allianz Global Investors has recently created an Asian fixed Income team led by David Tan, as well as developed its emerging market debt team led by Greg Saichin.

More recently it hired Mike Riddell to lead the development of its UK fixed income capability.

Allianz GI fixed income business grew from €109bn to €167bn in the last four years. Total assets under management at the firm is €427bn.