Money Management

AllianzGI recruits 2 from Columbia Threadneedle to join U.S. fixed-income team

Carl W. Pappo Jr. was named chief investment officer, U.S. fixed income, and Frank Salem was named senior portfolio manager, fixed income at Allianz Global Investors, spokeswoman Kelly Smith Aceituno said.

Both positions are new. Messrs. Pappo and Salem have joined AllianzGI to expand its U.S. fixed-income capabilities and U.S. core, core-plus and liability-driven investing strategies. Mr. Pappo will report to Franck Dixmier, global head of fixed income and CIO, fixed-income Europe; while Mr. Salem will report Mr. Pappo.

Messrs. Pappo and Salem were both previously at Columbia Threadneedle Investments. Mr. Pappo was lead portfolio manager and head of core fixed income, while Mr. Salem was a senior portfolio manager responsible for building out the firm's LDI capability.

Columbia Threadneedle spokesman Carlos Melville said Mr. Pappo's responsibilities have been assumed by Gene Tannuzzo, senior portfolio manager, multisector fixed income, and Jason Callan, senior portfolio manager, head of structured assets. Meanwhile, Mr. Salem's responsibilities have been assumed by Tom Murphy, senior portfolio manager and head of investment-grade credit.

AllianzGI has about €500 billion ($583 billion) in assets under management, with €195 billion of that in fixed income.