Schroders to buy majority stake in real estate investment manager Pamfleet
Schroders has agreed to buy a majority stake in Asian real estate investment manager Pamfleet.
Pamfleet, which has offices in Hong Kong, Shanghai and Singapore, currently has $1.1bn of assets under management across four funds, the most recent of which closed last year at $450m.
Following completion of the sale, the entire Pamfleet team of 19 professionals will remain with the organisation, which will be renamed Schroder Pamfleet.
Schroders said on Wednesday that the deal reinforces its private assets and real estate capabilities, building on the recent purchases of Blue Asset Management and Algonquin.
Duncan Owen, global head of Schroder Real Estate, said: "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.
"We are therefore delighted to join forces and create Schroder Pamfleet. Pamfleet’s strong presence within the Asian real estate market as a leader in the value-add style complements the existing Schroders offering within Real Estate and Private Assets to provide extra choice for new and existing investors."