Schroders snaps up Cazenove for £424m

(Source: Reuters)

Schroders, the asset management company, has said that it will purchase Cazenove Capital. The deal will see the creation of a new private banking and wealth management business.

Commenting on the Acquisition, Michael Dobson, Chief Executive of Schroders, said:

Cazenove Capital’s culture of client focus and investment excellence are a strong fit with Schroders. This transaction creates a leading, independent Private Banking and Wealth Management business in the UK, and brings additional investment talent in complementary strategies across UK and European equities, multi-manager and fixed income to Asset Management. I am confident the transaction will create long-term value and benefits for clients, shareholders and employees.

Andrew Ross, Chief Executive of Cazenove Capital, said:

This is a very exciting development for Cazenove Capital. In combining with Schroders, we will create a pre-eminent independent private banking and charities business in the UK, with a broader capability covering investment management, financial planning, deposit-taking and lending services. This is also an excellent fit for our Wealth Management businesses in the Channel Islands and Asia.