Macquarie Funds Management (MFM) has taken a majority stake in United States boutique fixed income manager Allegiance Investment Management.
Californian-based Allegiance manages $4.5 billion in funds under management and invests in traditional and alternative fixed income strategies focused on the US market.
The manager's chief executive Mark Torline and chief investment officer Bill Mawhorter will remain in their jobs.
MFM's division director Louise Walker will move to the US to join the business. She will head the product and marketing team.
There will be no staff changes as employees are expected to be part of the new joint venture, according to a statement from Allegiance.
The deal will allow Macquarie to create fixed income products for the Australian market.
"We will be looking to have input from Allegiance to develop our global products, which will then be available to our local investors," MFM head of distribution Bruce Murphy said.
The firm will be re-branded as Macquarie Allegiance Capital.
"The acquisition of Allegiance is significant for Macquarie's funds management business in the US and globally. Allegiance will complement our existing fixed income operations in Sydney and London, MFM head Ben Bruck said.
