Allianz Global Investors (AGI) is due to acquire fixed income specialist Rogge Global Partners (RGP) in a bid to grow its fixed income client offering.

The transaction involves Old Mutual and RGP management selling the entire issued share capital to AGI, although the terms were not disclosed.

The acquisition is designed to further strengthen AGI’s fixed income capabilities, the asset manager said in a statement.

RGP gains “a strategic partner that will offer greater distribution potential for its strategies”, it added.

AGI had €427bn in assets under management (AUM) as at the end of September, with €167bn in fixed income strategies, up from €109bn four years ago – a 53% increase.

RGP has €34bn in AUM, all of which is in fixed income products.

Andreas Utermann, global CIO and chief executive-elect at AGI, said the two businesses were “a natural fit – in terms of both product mix and culture”. 

AGI has made several investments to grow its fixed income business in recent years.

Most recently, it appointed Mike Riddell to lead the development of the asset manager’s UK fixed income capability.

It also created an Asian fixed income team and developed its emerging market debt team.

The RGP team will become part of the global investment platform at AGI.

Subject to regulatory approval, the deal is expected to close by the second quarter.

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