Meet the new bosses, Nick Purves and Ian Lance. Same as the old bosses, in this case, as the two fund managers saw their old employer, Schroders, buy almost half of their new employer, hedge fund RWC Partners.
Schroders has bought a 49% stake in the London-based hedge fund, two months after Purves and Lance, its top managers, defected to RWC. The two men have not even started at their new jobs, where they will manage a portfolio similar to the one they managed at Schroders, but were given the option to veto the Schroders deal, Reuters reports.
“They’re totally supportive of it,” RWC CEO Peter Harrison said.
RWC will remain a separately-run company, and its current management team will remain in place.
Financial terms of the deal were not disclosed, and the agreement does not include a commitment on behalf of Schroders to buy a majority stake in the future.