Allianz Global Investors (AllianzGI) has expanded its fixed income team in the US by hiring Carl Pappo as CIO and Frank Salem as senior portfolio manager.

The hiring is part of the firm’s strategy to launch a range of bond funds aimed at the US market. The funds to be launched are: US Core, Core Plus, and Liability Driven Investing (LDI) strategies.

Carl Pappo has more than two decades of experience in income investing. Prior to this appointment, Pappo worked for Columbia Threadneedle Investments as head of core fixed income and lead portfolio manager.

In the new role, Pappo will join the fixed income team based in Boston and New York, and will report to AllianzGI’s global head of fixed income, Franck Dixmier.

Salem has been associated with Columbia Threadneedle Investments since 1998, where he was responsible for building out the LDI capability.

AllianzGI CEO and Global CIO Andreas Utermann said: “We are delighted that Carl Pappo and team have chosen to join AllianzGI as we continue on this next phase of growth by building out our US Fixed Income capability. Carl’s deep expertise in US fixed income will be invaluable as we look to him to lead this effort.”