Schroders will acquire a majority stake in Asian real estate business Pamfleet, adding $1.1 billion in assets under management and expanding the firm's private assets business.
Financial details and the size of the stake were not disclosed, a spokesman said.
Pamfleet is a value-added real estate money manager with offices in Hong Kong, Shanghai and Singapore. Its $1.1 billion in assets are managed in four funds.
All 19 Pamfleet staff will remain with the firm, which will be renamed Schroder Pamfleet. Managing directors Allan Lee and Kelvin Wong will continue to lead teams based in Asia. David Holdsworth and Bruce Walker remain as advisers to the business, the spokesman said.
Canon Yau, director strategic partnerships, Hong Kong and China, Asian real estate investment, will lead Schroder Pamfleet's institutional investor relationships. He joined Schroders in 2018 to focus on sourcing capital for existing and new U.K. and European strategies from China, Taiwan, Hong Kong and other Asian countries.
The deal is expected to close in the next few weeks, the spokesman added.
"Pamfleet is a high-quality business with a clear investment thesis and an experienced team of investment professionals. Since it was founded in 2000, it has had an excellent performance track record in some of the highest value and most dynamic real estate markets in the world. These markets are attractive to many of our partners and clients," Duncan Owen, global head of Schroder Real Estate, said in a news release.
The management of Pamfleet funds will not change.
Schroder Real Estate had £16.3 billion ($21.4 billion) in assets under management as of Dec. 31. The wider private-assets business had £44.2 billion in assets under management. Schroders had a total £500.2 billion in assets under management as of that date.