Yesterday, Schroders PLC (LSE: SDR) announced its acquisition of a 49% stake in RWC Partners Ltd., the London-based asset management firm and hedge fund operator. According to Dow Jones Newswires, the fund manager did not disclose RWC’s purchase price, although in cases of full ownership acquisition like F&C Asset Management PLC’s (FCAM.LN) buy purchase of Thames River Capital or Man Group PLC’s (EMG.LN) purchase of GLG Partners, the figures can total to anywhere from 1% to 7% of assets under management.
According to a brief statement made by Schroders, RWC’s current management team will continue to oversee the firm, and RWC and Schroders will remain legally separate. However, Ian Lance and Nick Purves, two high-profile Schroders stock fund managers, will join RWC in August.
RWC Partners, formerly MPC Investors Ltd., is an asset management firm founded in 2000 with $2.2 billion in assets under management. The firm serves mainly institutional clients and manages long/-short European and US equities funds, long-only and long short UK equities funds, a global convertible bonds fund, and multi-asset, absolute return portfolios. |
