FUND manager Schroders this morning said it would pay £424m to buy Cazenove Capital in a deal that will expand its private banking business.
Under the terms of the acquisition, Cazenove Capital will get 135p per share.
Schroders announced on Friday that the two were in discussions.
Michael Dobson, chief executive of Schroders, said that the deal would create a “leading, independent private banking and wealth management business in the UK”.
The deal, which will bring two of the City of London's oldest names together, will result in the combined group having pro-forma assets under management in private banking and wealth management as at 31 December last year of £28.4bn.