Funds under management within Schroders’ asset-backed securities (ABS) fixed income team are to double following a deal to bring across credit specialists from Brookfield Investment Management.
The asset manager has agreed to acquire Brookfield’s ABS and mortgage-backed securities (MBS) team, led by Michelle Russell-Dowe, which runs $4bn (£2.8bn) in assets.
The unit will combine with Schroders’ existing $4bn ABS team when the deal closes in the third quarter.
As well as US-based products, Brookfield also runs an Irish qualifying investor alternative investment fund - previously known as a qualifying investor fund (QIF) - enabling its strategies to be accessed by European investors.
Brookfield, based in New York, runs $240bn in alternative assets.
Karl Dasher, Schroders’ North America chief executive, said: “The process developed by Michelle and her team over two decades has delivered one of the longest and strongest track records in the sector with an extensive network of industry relationships.
“This will strengthen our investment capability for both US and non-US investors seeking higher return opportunities within fixed income.”
The deal’s financial terms were not disclosed.
