Allianz Global Investors has hired Citywire A-rated Carl Pappo as its new chief investment officer for US fixed income, the company has announced.
Pappo joins from Columbia Threadneedle, where he had overseen US-domiciled bond funds. He is joined by colleague Frank Salem, who will serve as a senior portfolio manager.
The duo will be charged with launching US Core, Core Plus and liability-driven investing (LDI) strategies. The latter is viewed as a ‘critical gap’ for the AllianzGI team to fill.
Pappo brings with him 25 years of investment experience and previously served as head of core fixed income during his time with Columbia Threadneedle. Salem, who had been with the company since 1998, is a specialist in developing and running LDI products.
Pappo will report to Franck Dixmier, AllianzGI’s global head of fixed income. The US fixed income team will be based in Boston and New York.
Commenting on the hire, Dixmier said: ‘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.’
AllianzGI has worked to expand its global bonds coverage since 2012. This has included the establishment of Asian bond, EMD and UK fixed income teams. Most recently it established a global bond team following the purchase of Rogge Global Partners.