British fund manager Schroders has agreed to buy a majority interest in real estate investment manager Pamfleet.

Financial terms of the deal were not divulged.

Pamfleet CEO and co-founder Andrew Moore said: “The combination of Schroders’ heritage and global footprint with Pamfleet’s local knowledge will create a force in the Asian real estate market.

“As we integrate Schroder Pamfleet into the wider Schroders group capabilities, we believe we will be able to offer a very attractive proposition to our investors.”

Pamfleet has operations in Hong Kong, Shanghai as well as Singapore and manages $1.1bn in assets across four funds.

The management of these funds will remain the same.

The deal offers the firm access to Schroders’ broader investment capabilities and distribution network.

Pamfleet managing directors Allan Lee and Kelvin Wong will retain leadership of the Hong Kong, Shanghai and Singapore teams.

Canon Yau will be in charge of the firm’s institutional investor relationships.

Established in 2000, Pamfleet has operations in Hong Kong, Shanghai as well as Singapore.

As part of the deal, all 19 employees of Pamfleet will join Schroders.

The team will now operate under the name Schroder Pamfleet.

Schroder Real Estate global head Duncan Owen said: “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.”

The deal strengthens the private assets and real estate capabilities of Schroders.

In 2018, Schroders agreed to buy Algonquin, a €1.8bn pan-European hotels investment and management firm.

Last year, the fund manager acquired Blue Asset Management, a €1.2bn German real estate boutique.