Schroders has hired the head of private equity and real estate house HQ Capital to develop strategies to meet rising demand for illiquid assets.
Georg Wunderlin joins as global head of private assets and will be responsible for developing real asset strategies.
Before joining HQ Capital in 2012, Wunderlin worked at UBS and the Boston Consulting Group.
He will report directly to Schroders chief executive Peter Harrison, who said: 'Clients are increasingly looking to invest in illiquid assets which deliver stable and consistent returns that are uncorrelated to public markets.
'Schroders already boasts a wealth of investment expertise in private assets from infrastructure debt to real estate and the firm is now well-placed to leverage these capabilities on a global scale.
'We are confident that the arrival of Georg will ensure we continue to meet our clients’ investment objectives by delivering industry-leading solutions across the private assets space.'
Wunderlin said: 'Schroders has built a strong market position in the private assets space, encompassing an impressive range of capabilities across all relevant private markets asset classes.
'I am convinced the firm is well-positioned to build on these credentials in this attractive market. It is my privilege to have the opportunity to join this firm and to lead Schroders’ private assets businesses.'
Schroders private asset and alternatives businesses currently run around £35.8 billion.
The company last year purchased the pan-European hotel investment and management business Algonquin, which manages around £1.5 billion, as it diversified its property portfolio.
That followed the 2017 purchase of PE specialist Adveq.