London-headquartered investment firm Schroders has reached an agreement to acquire Zurich-based private equity firm Adveq Holding AG (Adveq).
Financial terms of the transaction, subject to regulatory approvals and expected to close in the second half of 2017, have not been disclosed.
The transaction aims to accelerate the growth of Schroders’ private assets business and complements its existing capabilities and expertise in the real estate and infrastructure finance sectors.
The deal will not affect the investment team, process or strategies that Adveq manage on behalf of clients.
Founded in 1997, Adveq has offices in Zurich, Frankfurt, London, Jersey, New York, Beijing, and Hong Kong.
The private equity boutique has over $7bn (€6.53bn) of assets under management, having mainly Swiss and German clients. It also has a premium client base in the US and other international markets.
Peter Harrison, group 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.
“Adveq’s impressive investment proposition, proven track record and strong position within key markets makes this partnership a complementary combination. We look forward to introducing Adveq’s unique capabilities to our clients.”
Bruno Raschle, founder and chairman of Adveq, added: “We are delighted with today’s announcement. Partnering with Schroders, a FTSE 100 global investment management business, provides Adveq with access to new markets and an enhanced proposition for our clients.
“Schroders’ stable ownership structure and heritage, which is closely aligned with Adveq’s long-term investment philosophy makes this an excellent fit.”