LONDON (Reuters) -British fund manager Schroders said on Thursday it was in advanced talks to buy a significant stake in renewables investment firm Greencoat Capital.
Schroders issued the statement after a report by Sky News that it was close to taking a 75% stake for about 360 million pounds ($478 million), with a potential option to buy the remainder of the firm.
The move comes as fund managers compete for a global wave of sustainability-focused investments.
Greencoat manages solar, wind and other renewables funds. Founded in 2009 by energy banking veteran Richard Nourse, it has over 6 billion pounds of assets under management.
Schroders said there was no certainty the talks would lead to an agreement, adding it was continuing to evaluate other potential acquisition opportunities to enhance its sustainability position.
($1 = 0.7539 pounds)
(Reporting by Iain WithersEditing by Rachel Armstrong and Mark Potter)