British fund manager Schroders has agreed to acquire Algonquin, a pan-European hotels investment and management firm, for an undisclosed sum.
Algonquin, established in 1998, currently manages €1.8bn in assets. The firm has offices in Paris, London and Brussels.
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Schroders said that the deal will drive the growth of its private assets and alternatives business, which includes securitised credit, private equity, infrastructure, insurance-linked securities, SME lending and real estate. The business managed nearly £33bn in assets at the end of December 2017.
As part of the deal, Schroders will acquire several co-investments apart from existing clients of Algonquin. Algonquin CEO Frederic de Brem will join the fund manager as head of Schroder real estate hotels.
Schroders global head of real estate Duncan Owen said: “Algonquin’s track record will complement our strong investment performance with over 85% of our AUMs outperforming over the last 1, 3 and 5 years.
“Their client base includes some of Europe’s largest financial institutions and the quality and experience of its employees are some of the principal reasons why Schroders is acquiring the business.”
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By GlobalDataAlgonquin founder Jean-Philippe Chomette added: “Becoming part of Schroders, a FTSE 100 global investment management business, provides Algonquin with access to new assets, a broadly based Real Estate team with 13 offices across five continents and an enhanced proposition for clients.”
