Former managers Nick Purves and Ian Lance were given the option of vetoing Schroders' purchase of a 49% stake in RWC Partners after joining the boutique last month.
Reuters reports the duo, who ran the £1.5bn Schroder Income fund, were not told about the acquisition talks until they had joined the group, but were given the option of torpedoing the deal. Schroders today announced it was taking a 49% stake in RWC. "We offered them a full right of veto... They're totally supportive of it," RWC chief executive Peter Harrison told Reuters. A spokesperson for Schroders said the purchase of the stake was a "small investment in a quality company with good growth potential".
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