By Daniel Lanyon on 1st December 2016
Sound Harbor Partners has been bought up by Allianz Global Investors to expand its alternative credit offering.
New York-based private credit manager Sound Harbor Partners has been bought by asset management giant Allianz Global Investors who is aiming to gear itself into the fast-growing alternative credit space.
Sound Harbour Partners is led by Michael Zupon and Dean Criares, who will join Allianz GI and its fast-growing Private Debt Platform, the firm said in a statement. The company, which was bought by Allianz GI for an undisclosed sum, is focused on alternative investments in corporate loans, direct lending, distressed debt and opportunistic credit.
As a result of the acquisition, Allianz GI’s clients will be able to access US private credit investment funds managed by the Sound Harbor team, who will also join the Allianz GI platform, which totals €481bn in total asset under managment across the group.
Andreas Utermann, CEO and global CIO of Allianz GI, 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.”
Deborah Zurkow, head of alternatives at Allianz GI, adds the firm is continuing to see strong demand from clients for access to a diverse range of illiquid alternatives.
“Sound Harbor's expertise enhances Allianz GI’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.”
AltFi is returning to Amsterdam for its second annual Summit in the city. The inaugural event last year was a roaring success, with key figures from across Continental Europe's alternative finance and digital banking sectors highlighted. These included Jeroen Broekema, managing director of Funding Circle Netherlands, and Mieke van Engelen, head of innovative partnerships at ABN AMRO's standalone lending platform, New10.