Acquisition

RNS Number : 2671Z

Schroders PLC

17 July 2008

 



Schroders to acquire Securities Investment Trust Enterprise (SITE) licence in Taiwan

17 July 2008

Schroders plc (Schroders) announces that one of its subsidiaries has reached agreement to acquire E.Sun Investment Trust Co. Ltd. (E.Sun SITE), from E.Sun Financial Holding Co. Ltd, in Taiwan for cash consideration of approximately £8.6 million (NTD523 million).

The acquisition of E.Sun SITE, a company that already has an existing Securities Investment Trust Enterprise (SITE) licence, will enable Schroders to establish an onshore investment capability in Taiwan to distribute both domestic and international onshore funds, in line with the Group's strategy to strengthen its existing position in attractive markets.

As at 15 July 2008, E.Sun SITE managed 7 funds and had assets under management of approximately £170 million (NTD10.4 billion).

Lester Gray, Chief Executive Officer Asia Pacific, said 'The acquisition of a SITE licence in Taiwan is an important milestone in achieving our strategy in Asia Pacific. Schroders will now have a local investment capability in Taiwan that will allow us to expand our product offering to include onshore funds in this growing market'.

Completion of the transaction remains subject to regulatory approvals and is expected before the end of October 2008.

For further information, please contact:

Schroders plc

Emma Tovey, Head of Corporate Communications         [phone]

 

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