UK-based independent asset manager RWC Partners has raised its internal ownership after Schroders completed the divestiture of its minority stake in the business.

In 2010, Schroders picked a 49% interest in RWC Partners. The stake was later diluted to 41%.

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The British fund manager has now offloaded a portion of its holding to Lincoln Peak Capital, making the firm a 28% owner in RWC.

RWC now holds a stake of nearly 70% in the business while former RWC staff gets the balance stake.

The transaction was announced in October last year.

The RWC board is chaired by Peter Clarke, with RWC and Lincoln Peak appointing five and two directors, respectively.

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Nicky Richards will sit on the board in the role of a non-executive director.

RWC CEO Dan Mannix said: “It is a great vote of confidence that a significant portion of the recently available shares have been bought back by RWC and our people; such a commitment to owning equity deeply reinforces the long-term dedication of our entire organisation, both to RWC itself and to our clients.

“I have known Seth Brennan and Tony Leness, the founders of Lincoln Peak, for over seven years and I am confident that they truly appreciate and understand our organisation, our culture and our vision for the future, as well as supporting the autonomy we offer our investment teams – another of our core principles which we unequivocally believe leads to better outcomes for all stakeholders.”

RWC has a presence in London, Miami, and Singapore. The business oversees approximately $21bn in assets.