Huntington Beach-based bond manager Allegiance Investment Management LLC has found a buyer in Australia’s Macquarie Bank Ltd.
Macquarie plans to buy a majority stake in Allegiance, which will be renamed Macquarie Allegiance Capital LLC.
The purchase price wasn’t disclosed.
Allegiance, with $4.5 billion in assets, manages bonds for pension funds, endowments and foundations.
“We are thrilled to be partnering with Macquarie’s funds management group, which is one of the largest fund managers in Australia and has a strong track record of managing money on behalf of investors around the world,” said Mark Torline, Allegiance’s chief executive officer
Torline, and Allgiance’s chief investment officer, Bill Mawhorter, will stay with the firm in their respective roles, according to a release.
Macquarie Bank’s funds management group is part of Sydney-based Macquarie Group, an international financial adviser with $200 billion under management.
Allegiance gives Macquarie broader bond offerings for clients, said Ben Bruck, head of Macquarie’s funds management group.
Macquarie’s Louise Walker, a division director with the company, will relocate from Australia to Huntington Beach to head Allegiance’s product management and marketing team.
There will be no layoffs at Allegiance, according to a release.
Completion of the deal is expected in the second quarter of this year.
