British fund manager Schroders has agreed to buy a stake in British advice business Benchmark Capital for an undisclosed sum.
Schroders group CEO Peter Harrison will join Benchmark as chairman, while Schroders intermediary director Robin Stoakley and global head of wealth Andrew Ross will become non-executive directors at Benchmark as part of the deal.
Benchmark Capital CEO Ian Cooke will retain core ownership in the company following the stake purchase by Schroders, while its current executive team will continue to run the business.
Schroders director of Intermediary Robin Stoakley: “Benchmark Capital’s affluent and mass affluent expertise is complementary to Schroders’ investment management and high net worth client management expertise.
“This combination will enable us to develop a better understanding of investor behaviours across the retail client spectrum, which will ultimately lead to better client outcomes. This partnership also allows us to offer existing clients the services of a high-quality adviser support business.”
The deal is expected to be wrapped up in the first quarter of 2017, subject to regulatory nod.
Benchmark Capital includes network Best Practice, chartered financial planning firm Aspect 8, technology firm Creative Technologies, platform Fusion Wealth, and chartered financial planning firm TEvolution Wealth.