18th Mar 2008 13:14
Schroders PLC18 March 2008 18 March 2008 Schroders plc Schroders to acquire Swiss third party fund management business of Swiss Re Schroders plc announces that one of its subsidiaries has reached agreement toacquire Swiss Re Asset Management Funds (Switzerland) AG, the Swiss third partyfund management business of Swiss Re. At 29 February 2008, the businessincluded in the sale had assets under management of approximately £0.9 billion(CHF 1.9 billion). The business being acquired manages six funds, focused on European equities,capital protected products, global balanced and property. Key employees willtransfer to Schroders on completion of the transaction. Stephen Mills, Country Head Switzerland said, "This acquisition deepens ourfootprint in Switzerland, the third largest institutional market in Europe andbroadens our product offering to local clients through a range of complementaryfunds with a strong track record". Benjamin Meuli, Member of the Executive Board of Swiss Re, said, "Over the yearswe have built up a strong stable of funds; we are delighted that Schroders, ahighly respected asset manager, will further develop this business together withthe current fund managers". The business to be acquired has gross assets (for the purposes of Listing Rule10.3.2(2)(b)) of approximately £3.4 million (CHF 7 million), representedpredominantly by cash and receivables. Completion of the transaction remains subject to regulatory approvals. Contacts: Schroders plcNik Ekholm Head of PR +44 (0) 207 658 7938 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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