Allianz Global Investors is set to bolster its private debt business with the acquisition of a US fund manager – its first deal since Deborah Zurkow was named head of its alternatives business earlier this year.

The €481 billion German asset manager said in a December 1 statement that it had agreed to buy private credit manager Sound Harbor Partners. As part of the deal, Allianz Global Investors will acquire the US firm's assets for a undisclosed amount. The Sound Harbor team will move over to Allianz as part of the deal.