LONDON, April 20 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)