RWC Partners, a UK-based investment manager partly owned by Schroders, has completed the acquisition of investment firm Pensato Capital.

The deal adds $280m in assets to RWC’s books, taking its total assets under management to around $12bn.

The companies did not disclose the financial terms of the transaction, which was announced in July 2017.

London-based Pensato was founded by Graham Clapp, who previously was a fund manager at Fidelity. He was joined at Pensato by ex-Fidelity colleagues Edward Rumble and Russell Champion.

Rumble, Champion, and Clapp are among the seven-member investment team that has joined RWC as part of the deal. The team will continue to manage Pensato’s funds under the RWC banner that includes a long / short Cayman domiciled European equity fund, a European absolute return fund, a long/short Ucits vehicle, and a long-only Cayman domiciled fund.

RWC CEO Dan Mannix said: “We see real opportunity for active managers in European equities and we believe Graham’s energy, experience and talent make him one of the outstanding people in the asset class.”