Schroders has struck a deal to buy a specialist private equity business which oversees more than $7bn (£5.5bn) in client assets.
The FTSE 100 fund group has acquired Adveq Holding AG for its existing private assets business.
Adveq’s clients include some of the largest institutional investors and pension funds in Switzerland and Germany, and the firm has also recently built up a client base in the US and other international markets.
Peter Harrison, chief executive of Schroders, said: “This acquisition is characterised by a strong cultural fit between our two firms – a shared client focus and commitment to delivering excellent investment performance.”
Last year, the UK wealth manager arm of Schroders, Cazenove Capital Management, reached an agreement to buy a wealth management firm.
There will be no changes to the investment team, process or strategies that Adveq manages on behalf of clients.
Bruno Raschle, founder and chairman of Adveq, said the partnership provides his company with access to new markets and offers its clients a better proposition.
“Schroders’ stable ownership structure and heritage, which is closely aligned with Adveq’s long-term investment philosophy, makes this an excellent fit.”
Schroders has not disclosed the financial terms of the transaction
The acquisition, which is subject to regulatory approval, is expected to be complete in the second half of this year.
Darius McDermott, managing director of Chelsea Financial Services, said: "Schroders is a huge global investment organisation, and where they still have gaps - and maybe this was a gap - then they are clearly looking to make purchases of sensible assets.
"This isn't a surprise because they do everything and are trying to be global leaders in most markets; if they can see pockets of excellence that are worth having then they are clearly doing that."
The Chelsea boss added that Adveq would have to be a "good outfit" for Schroders to take an interest in it.
katherine.denham@ft.com
