LONDON, April 20 (Reuters) - British asset manager Schroders said on Thursday it had agreed to buy Swiss-based private equity firm Adveq for an undisclosed sum, as part of efforts to grow its private assets business.
The deal for Adveq, which manages more than $7 billion, is expected to close in the second half of 2017, Schroders said in a statement. Schroders' private assets business currently manages 14 billion pounds ($17.91 billion) in assets.
Schroders, Britain's largest listed standalone asset manager with around 400 billion pounds in assets, said there would be no changes to Adveq's investment team, process or strategies as a result of the deal.
$1 = 0.7816 pounds Reporting by Simon Jessop; editing by Carolyn Cohn