Allianz Global Investors (AllianzGI) has agreed to acquire US private credit manager Sound Harbor Partners for an undisclosed sum.
New York-based Sound Harbor focuses on alternative investments in corporate loans, direct lending, distressed debt as well as opportunistic credit. The firm, headed by Michael Zupon and Dean Criares, manages investments in private limited partnerships, collateralised loan obligations and separately managed accounts.
The team of Sound Harbor will join AllianzGI as part of the deal and will become part of AllianzGI's global investment platform, while maintaining the integrity of its investment strategy.
AllianzGI CEO and global CIO Andreas Utermann said: “Within our fast-growing Alternatives segment, private debt stands out as a particularly exciting area, where we’ve clearly signalled our intent to expand our capabilities to address our clients’ evolving investment needs.
“The addition of the team from Sound Harbor is a significant step in that process, strengthening and complementing our existing capabilities in this important space.”
The deal is expected to be wrapped up in the first quarter of 2017.
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AllianzGI head of alternatives Deborah Zurkow said: “Sound Harbor's expertise enhances AllianzGI’s existing global Alternatives capability, which includes infrastructure debt and a fast-growing corporate loans capability in Paris, underlining our desire to establish ourselves as one of the most prominent private debt managers globally.”