GERMANY - Allianz Global Investors has sold Cadence Capital, a US institutional fund manager, to Cadence’s management and an outside private equity firm for an undisclosed sum.

Under the terms of the deal, Cadence’s management will take a controlling stake in the asset manager. At the same time, Rosemont Investment Partners, a US private equity firm, will provide equity capital and become Cadence’s sole outside shareholder.

However, German press reports speculated that AGI may have fetched between $30m and $90m for Cadence. The Boston-based asset manager specialises in US growth stocks and has $6bn in assets under management.

AGI acquired Cadence in 2000 as part of its buyout of PIMCO, an asset manager specialising in bonds. A spokesman for AGI in Munich said a sale of Cadence had been planned for several years due to the overlap with RCM, another US equity specialist owned by AGI.

AGI and Cadence are not severing their ties completely. AGI said it was retaining Cadence as a sub-advisor for $2.4bn that is invested in four of its mutual funds.

AGI has more than $800bn in assets under management worldwide.