Allianz Global Investors has hired Carl Pappo and Frank Salem from Columbia Threadneedle as chief investment officer of US fixed income and senior portfolio manager respectively, in a bid to strengthen the group's bond offering in the US.
Pappo joins the firm as CIO of US fixed income from his role as lead portfolio manager and head of core fixed income at Columbia Threadneedle.
In his new role, he will report to Franck Dixmier, the group's global head of fixed income.
Meanwhile, Salem, who was responsible for creating customised liability driven investing (LDI) solutions for clients' allocation needs at Columbia Threadneedle, will become senior portfolio manager within AllianzGI's fixed income team.
The pair, who have worked together for the past ten years, will combine their expertise to launch the US Core, Core Plus, and LDI strategies, filling a "critical gap for AllianzGI in the US market".
They will be based in Boston and New York.
The firm has been expanding its fixed income capabilities globally since 2012, during which time it has established offerings in asian fixed income, emerging market debt and UK fixed income,
Most recently, it acquired Rogge Global Partners to build out its global fixed income capability.
Commenting on the appointments, Andreas Utermann, CEO and global CIO of AllianzGI, 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."
Franck Dixmier added: "US Core Fixed Income and LDI have been missing pieces in our global fixed income offering, and I am very pleased that Carl and his team will be able to develop this important capability which meets a critical client need both in the US and globally, and complements our other capabilities in fixed income."
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