Allspring Global Investments, an asset management firm headquartered in Charlotte, North Carolina, with US$628 billion in assets under advisement, has agreed to acquire the investment team of GIA Partners. Financial terms of the deal were not disclosed.

The GIA team, led by founder Eduardo Cortes, who has over four decades of experience in fixed-income and emerging-market debt, is expected to enhance Allspring's investment platform and capabilities.

The move aims to strengthen Allspring's presence, particularly in emerging markets, which are experiencing heightened investor demand. The transaction is set to close in the third quarter, subject to customary conditions.

"Eduardo and the GIA team have a disciplined investment approach, strong culture, and proven track record in global credit markets that make them an exceptional fit for Allspring," says Allspring chief executive officer Kate Burke. "Their deep expertise in emerging markets and high-yield credit will add meaningful capabilities and underscores our continued commitment to invest in our fixed income platform to better serve our clients."

Cortes, who led the emerging market debt portfolio team at J.P. Morgan Investment Management prior to founding New York-based GIA Partners, is joined by a multilingual team of investment professionals.

They include Albert Tseng, who serves as deputy chief investment officer responsible for credit analysis, investment thesis, and portfolio analysis; David Ellis, CFA, a high yield specialist and senior portfolio manager with expertise in telecoms, media, and healthcare; Hamburg Tang, a senior portfolio manager focused on emerging market strategy who covers autos, airlines, consumer, and industrials; and Miguel Escobar, a portfolio manager specializing in commodities, chemicals, and energy.

Robust outperformance

GIA Partners' approach to global credit includes bottom-up analysis to generate country and industry allocations, with a factor analysis overlay to monitor risk exposures, Allspring says. Compared with its peer group, GIA's emerging-market corporate debt, high-yield, and core-plus strategies have demonstrated robust outperformance.

"Our plan to join Allspring marks an exciting new chapter for our team, as their commitment to deep credit research and investing in cutting-edge tools and technology aligns seamlessly with our investment philosophy," says Cortes.

"We are particularly drawn to Allspring's model, which empowers portfolio management teams with autonomy while fostering collaboration. We felt an immediate cultural alignment with their seasoned and diverse fixed income teams, underpinned by a strong, client-focused investment culture."