Fixed-income money manager Cutwater Asset Management has entered into a strategic partnership with Tandem Global Partners, the New York firm announced today.

Tandem operates diverse private investment vehicles and has expertise in emerging markets bonds, currencies, and a wide range of domestic and global credit products, a Sept. 15 statement said. Kevin Murphy, Joe Petri and James Tammaro founded the firm in 2008.

Cutwater, meanwhile, has state and local governments, financial institutions, pension funds, unions, insurance companies and corporations on its client roster. The firm focuses solely on fixed-income investments and has $43 billion in assets under management.

In the statement, Cliff Corso, CEO of Cutwater said both the firm and Tandem “share a common culture of providing innovative solutions and quality products for institutional clients.

“Combining Tandems’ expertise with Cutwater’s strong track record in traditional fixed-income products will offer a powerful combination for our clients,” he said.

“Cutwater and Tandem intend to leverage our complementary business lines by jointly identifying opportunities to provide real and valuable solutions to clients who also benefit from our integrated ability to share knowledge in markets across the globe,” said Petri, who is a managing partner at Tandem.