Allianz Global Investors (AllianzGI) has acquired London-based global fixed income house Rogge Global Partners (RGP) for an undisclosed sum.
The transaction will see AllianzGI acquire 100% of RGP’s shares from RGP management and current majority-owner Old Mutual.
Assuming the deal receives regulatory approval, it is expected to be completed by the end of the second quarter of this year.
The acquisition comes as part of an effort by AllianzGI to expand its fixed income offering, which in recent years has seen the creation of an Asian Fixed Income team, the development of its Emerging Market Debt team and more recently the hiring of Mike Riddell from M&G Investments to lead the development of its UK fixed income arm.
As at the end of September 2015, AllianzGI’s assets under management totalled €427bn, of which €167bn were in fixed income strategies while RGP’s AUM totalled €34bn, all in fixed income.
AllianzGI said the RGP team will become part of its global investment platform.
AllianzGI global CIO and CEO-elect Andreas Utermann said: “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.”
RGP founder, executive chairman and co-CIO Olaf Rogge said: “We initiated the search for a new strategic partner back in 2015 with the support of our current majority-owner, Old Mutual. Having had discussions with a number of interested parties, we are convinced that the combination with AllianzGI will be in the best interests of clients and will ensure the continued future growth of RGP’s successful investment approach.”
