Schroders has agreed to offload its full 41% equity stake in British investment manager RWC Partners.

The divestiture ends a relationship, which started in 2010 with Schroders taking up a 49% stake in RWC. The holding later reduced to 41%.

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RWC CEO Dan Mannix said: “Our priority has been to secure a shareholder who supports the commitments we have to our clients and investment teams.

“We are proud to differentiate our organisation through being independent, private and owned by very long-term shareholders who define success by the quality of services we provide to our clients and fulfilling responsibilities to our other stakeholders.”

Under the agreement, 14% of Schroders’ holding will be picked up by RWC itself.

Private equity firm Lincoln Peak Capital, who moves to RWC as a long-term partner, will buy the remainder.

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Lincoln Peak co-founder and managing partner Seth Brennan said: “This transaction and commitments made by various parties preserves RWC’s successful business model and improves the alignment between all of RWC’s stakeholders, positioning the company for long-term stability and continued success.”

The deal, whose terms were not divulged, is pending regulatory approval.

RWC managed $18bn in assets at the end of September 2019. The firm has operations in London, Miami, and Singapore.

Schroders was recently in the news for taking charge of crisis-ridden Woodford Patient Capital Trust (WPCT).

Earlier this year, Schroders announced the acquisition of a majority stake in Swiss impact investor BlueOrchard.