Allianz acquires fixed income unit from Old Mutual

Allianz Global investors has acquired fixed income platform, Rogge, from Old Mutual as part of strategy to extend its fixed income capabilities.

Allianz Global Investors has announced the acquisition of Rogge Global Partners from Old Mutual, according to a statement released this morning.

Fixed income platform Rogge launched in 1984, is one of the longest established and had £24.1 billion of funds under management at the end of 2015.

Allianz said the deal with strengthen its fixed income capabilities, while providing Rogge greater distribution potential for its strategies.

In a statement, Frank Dixmier, global head of fixed income, said: “The addition of Rogge is a further important step in the development of Allianz’s global fixed income capability. It offers us a unique opportunity to accelerate the development of our client offering in fixed income.”

Allianz has focused on building out its fixed income capability in recent years, and recently launched an Asian fixed income team and emerging market debt team. Mike Riddell was also recently hired to head up its UK fixed income business. 

Commenting on the transaction, Andreas Utermann, global CIO and CEO-elect of Allianz, said: “The complementary nature of the fit extends also to geographic footprint, which will substantially enhance Allianz’s footprint in the UK as well as making Rogge Global Partners’ strategies available to more clients globally.”

Allianz explained in the statement the Rogge investment team and processes will be maintained. The Rogge team are set to become part of its global investment platform. 

A spokesperson at Allianz Global Investors told The Trade:  “The plan at the moment is to integrate our own investment platform, but we haven’t worked out the finer details yet. We don’t have a transition transaction plan, but we will reveal more details over the next few weeks.”

The acquisition, which remains subject to regulatory approvals, is expected to close by the end of the second quarter this year.