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Schroders to add private equity business with Adveq acquisition

Schroders agreed to acquire private equity firm Adveq Holding, accelerating the growth of its private assets business.

Adveq, which has $7 billion in client commitments, has a predominantly Swiss and German client base, including institutional investors. It also has a U.S. client base, said a news release by Schroders.

Financial terms of the transaction were not disclosed, and the deal is expected to be completed in the second half of the year, subject to approvals and closing conditions. The firm will be acquired from Bruno Raschle, founder and executive chairman of Adveq. Mr. Raschle will remain on the board in a new capacity as non-executive vice chairman.

Adveq will be fully integrated into Schroders, and will be known as Schroder Adveq, said a spokeswoman for Schroders. The investment team, led by Rainer Ender, co-chief investment officer, and its process will not change. Sven Liden remains CEO, said the spokeswoman.

Stephen Mills, chairman of the board of Schroder Investment Management Switzerland AG, will join Adveq’s board as chairman.

Schroders’ private assets business currently manages around £14 billion ($17.5 billion) in assets, made up of existing capabilities in infrastructure debt finance, insurance-linked securities and real estate.

“Partnering with Schroders … provides Adveq with access to new markets and an enhanced proposition for our clients,” said Mr. Raschle in the release.