April 20, 2017 / 1:04 PM / 9 months ago

Schroders agrees to buy Swiss private equity firm Adveq

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

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