Apollo Global Management will help OppenheimerFunds push into structured credit, middle market loans and direct real estate, acting as a "sub-sub-adviser" to the $6.1B Oppenheimer Global Strategic Income Fund.

Oppenheimer teamed up with Apollo to both help expand its client base and boost fee income from pension funds to retail investors, the companies said in a statement Friday. The partnership will give Oppenheimer investors access to "Apollo’s flagship liquid-alternative credit solution,” Apollo co-founder Marc Rowan says.

This type of partnership isn't a first for Apollo, either, it announced its partnership with Ivy Investment Management to offer two new mutual funds back in July. Last week, OppenheimerFunds also announced it's teaming up with VTL Associates to add exchange-traded funds to its stock purchasing possibilities. Its deal with Apollo is designed to limit that volatility. [Bloomberg]