Schroders buys SwissRe AM
SWITZERLAND - British fund manager Schroders has today announced it will take over the Swiss reinsurer Swiss Re's asset management unit.
Swiss Re Asset Management Funds (Switzerland) AG has around CHF1.9bn (€1.2bn) in asset under management, distributed over six funds, which focus on equities, capital protection products, global balanced portfolios and real estate.
"Important employees will transfer to Schroders at the conclusion of the transaction, subject to regulatory approval," Schroders said in a statement today.
Schroders, which at the end of last year had around €189.4bn in assets under management, wants to strengthen its profile in Switzerland through the acquisition, commented Stepehn Mills, Schroders' country head for Switzerland.
Earlier this month, Schroders admitted it saw net institutional outflows of £10.6bn (€13bn) in 2007, despite winning over 100 new mandates in the UK alone.
The investment house revealed in its preliminary end of year results the company saw outflows from it UK balanced and UK equities sectors, as well as from Japanese and Asian equities, but claims the loss of its Asian business is at least "in part driven by client asset allocation decisions. (See earlier IPE story: Schroders sees outflows of £10.6bn)
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