LONDON--Officials at Schroders Investment Management Ltd. declined to comment on a news report that it was negotiating to purchase Financial Risk Management Ltd., a fund of funds firm.
But FRM Chief Executive Blaine Tomlinson said the firm has no plans to sell and he doesn't know where the rumor originated, which first was reported by the Financial Times.
"We have no intention to do anything" in terms of a sale, Mr. Tomlinson said. The firm, with US$10.5 billion under management, is focused on increasing its management for institutions, he said. FRM has plenty of resources to grow internally, he said.
FRM was one of three firms in negotiations to help advise on the hedge fund portfolio of California Public Employees' Retirement System, Sacramento. FRM and CalPERS, though, couldn't come to terms on a deal.
Schroders says it managed ?98.3 billion (US$175.5 billion) as of the end of the year. In May of last year, Schroders launched its third fund of funds, an aggressive multi-strategy vehicle (see ).