Rogge Global Partners, a London-based $20.6bn (€16.5bn) bond manager, is pressing its parent Old Mutual to honour an agreement made four years ago to distribute an additional 20% of the company to its managers.

Founder and co-chief investment officer Olaf Rogge claims Old Mutual promised to grant his firm a further 20% of equity in the business in 2002. Rogge was one of the companies transferred to Old Mutual when it acquired US fund manager United Asset Management in 2000. It sits alongside 17 boutiques within Old Mutual Asset Management. Rogge said without the extra shares, the manager cannot go through with its plan to create 10 more partners. He said: "It is upsetting for us because the assets have gone up a lot and we might have priced ourselves out of the market. We need more shares and they have got to be made affordable. Old Mutual Asset Management promised us shares for the last four years and we are hopeful they will deliver." He added that a "watered-down" offer of 6.5% made by Old Mutual more than a year ago was unacceptable. Rogge Global Partners owns 18% of its shares and has an option to buy a further 12% at a fixed price. Documents filed at Companies House show the firm has 11 partners. According to Rogge, Old Mutual said it would also release up to 20% of shares to some of its other affiliates to ensure better performance from the individual companies. Old Mutual confirmed it was working on an equity plan for its affiliates but declined to comment further. Affiliates include $45bn international equity manager Acadian Asset Management and $57.2bn fixed income manager Dwight Asset Management. Rogge's pre-tax profit was £1.4m (€2.1m) last year, up from £736,466 in 2004.