Wednesday, 27 July 2016
Last updated 14 hours ago
Jul 5 2012 | 12:09pm ET
BlackRock has agreed to buy Swiss Re's European private equity and infrastructure fund of funds businesses.
The world's largest asset manager will buy the US$7.5 billion unit for an undisclosed amount of cash. The deal is expected to close by the end of the third quarter.
Swiss Re will continue to hold the underlying investments in Swiss Re Private Equity Partners, and is in effect outsourcing the funds' management. It said it would continue to make private equity investments through SRPEP.
About 50 Swiss Re staffers, in New York; Zürich, Switzerland; and Bratislava, Slovakia, will be transferred to BlackRock Private Equity Partners. That business' chief, Russell Steenberg, will lead the combined unit, with SRPEP CEO Christian Hinze as his deputy.