Allianz Global Investors (AllianzGI) has agreed to purchase 100% of the issued share capital in Rogge Global Partners (RGP), a London-based fixed income specialist, from Old Mutual for an undisclosed sum.

Rogge had £24.1bn of funds under management as at 31 December 2015.

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Subject to regulatory approvals, the deal is expected to complete by the end of the second quarter of 2016.

This acquisition will further expand AllianzGI’s growing fixed income capability and client proposition.

Following the deal, the RGP team will become part of the global investment platform and will maintain its investment team and process.

AllianzGI global CIO and CEO-elect Andreas Utermann said: "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."

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AllianzGI global head of fixed income and a member of its global executive committee Franck Dixmier said: "The addition of RGP is a further important step in the development of AllianzGI’s global fixed income capability. It offers us a unique opportunity to accelerate the development of our client offering in fixed income."

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."

As of 30 September 2015, Allianz Global Investors managed EUR427bn on behalf of clients, of which EUR167bn were in fixed income strategies.