Allianz Global Investors has reached an agreement to acquire Rogge Global Partners, a London-based asset management firm specializing in fixed income. The operation, the value of which has not been communicated, will see AllianzGI acquire 100% of the capital of RGP, held by Old Mutual and by the management of the group.
“We are delighted that RGP has chosen AllianzGI as a partner for its development – commented Andreas Utermann, Global CIO and next CEO of AllianzGI -. The two companies combine optimally – both in terms of product mix and approach – and we are very keen to start working together for the benefit of our customers. The complementarity of the two groups is also confirmed in terms of geographical presence, which will allow AllianzGI to consolidate its presence in the United Kingdom and to make RGP strategies available to a greater number of customers on a global scale".
AllianzGI has achieved positive net inflows in each of the last 11 quarters and has seen fixed income assets under management grow from €109bn to €167bn over the past four years.
“We started looking for a new strategic partner in 2015 – said Olaf Rogge, founder, Executive Chairman and co-CIO of RGP – with the support of our current majority shareholder, Old Mutual. Having conducted negotiations with a number of interested parties, we are convinced that the combination with AllianzGI will best serve clients' interest and ensure the future growth of our successful investment approach."
At the end of September 2015, AllianzGI's assets under management (AUM) amounted to EUR 427 billion, of which EUR 167 billion in fixed income strategies. RGP's assets under management, all invested in fixed income products, amounted to €34 billion.
Finalization of the transaction, which remains subject to regulatory approvals, is expected by the end of the second quarter of 2016.
