Cazenove Capital Management, the UK wealth manager of Schroders, has agreed to acquire the wealth management business of British private bank C. Hoare & Co for an undisclosed sum.
C.Hoare & Co serves about 1,800 clients and managed £2.2bn of discretionary assets at the end of June 2016.
Schroders group CEO Peter Harrison said: “C. Hoare & Co.’s culture of client focus and exemplary client service are a strong fit with Schroders.
“This acquisition of its UK wealth management business grows our business in this area. I am confident that the relationship will create long-term value and benefits for clients, shareholders and employees.”
The takeover of the private bank aligns with Cazenove’s strategy of growing its wealth management business, Cazenove said.
Cazenove Capital Management CEO Andrew Ross said: “We believe the combination of our two businesses will bring significant benefits and enhanced opportunities for our clients. The complementary fit between our two firms, the strong shared service culture, long-term thinking and established heritage of both businesses make this an ideal match.”
The transaction is expected to be wrapped up in the first quarter of 2017.