Money Management

Allianz Global launches Asia-focused private credit effort in Singapore

Sumit Bhandari joined Allianz Global Investors as managing director of a new Asia-focused private credit team the Frankfurt-based money management heavyweight is launching in Singapore, the company announced.

In a news release, Allianz Global said the new capability effectively "rounds out" the geographic reach of its "fast-growing global private debt platform."

Mr. Bhandari joins Allianz Global from the Singapore office of Abraaj Group, where served as director, portfolio manager Asia, of Abraaj's credit strategies group, according to the Allianz Global website. The Dubai-based private equity firm is in the process of being liquidated, according to a notice on Abraaj's website.

In addition, Weizhong Yun, who had served as a director, Southeast Asia, with Abraaj, joined Allianz Global in Singapore as well. A New York-based spokeswoman for Allianz Global said further hires are likely to be announced in coming months.