The acquisition is expected to be completed in the second half of 2017.

Uk-based asset manager Schroders has agreed to acquire Adveq Holding, a private equity firm. The terms of the deal are not disclosed.

The acquisition is expected to be completed in the second half of 2017, subject to regulatory approval, Schroders said in a statement last week.

Schroders’ proposed acquisition of Adveq shows the asset manager’s bid to grow its private assets business. The private equity firm has more than $7 billion of client commitments, from a predominately German and Swiss client base.

The statement said “there will be no changes to the investment team, process or strategies that Adveq manage on behalf of clients”.

Adveq has offices in Zurich, Frankfurt, London, Jersey, New York, Beijing, and Hong Kong.

“This acquisition is characterised by a strong cultural fit between our two firms – a shared client focus and commitment to delivering excellent investment performance,” said Peter Harrison, group chief executive of Schroders. “Adveq’s impressive investment proposition, proven track record and strong position within key markets makes this partnership a complementary combination. We look forward to introducing Adveq’s unique capabilities to our clients.”