Schroders buys £2.2b family office in wealth push
[LONDON] Schroders Plc, the UK's largest standalone asset manager, has agreed to buy family office Sandaire as it expands its businesses serving super-rich clients.
London-based family office Sandaire, which runs £2.2 billion (S$3.86 billion), will become part of Schroders' Cazenove Capital wealth management division, according to a company statement on Friday.
Sandaire founder Alex Scott will be chairman of Schroders' global family-office services, a spokesperson said.
Schroders declined to disclose the terms of the deal.
"This acquisition will create one of the UK's top multi-family offices and be a springboard for developing an exceptional global service," Peter Hall, global head of wealth management at Schroders, said in the statement.
The acquisition of Sandaire will fuel the growth of Cazenove Capital, which is responsible for £35.6 billion of client assets and caters to ultra-high-net-worth investors with units in Asia, the Channel Islands and Switzerland, according to the statement.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Schroders acquired the wealth management business of Singapore-based Thirdrock Group last year, merging it with its existing business in the city-state.
Schroders chief executive officer Peter Harrison has spearheaded a push into the lucrative wealth management business, which the company sees as an opportunity for growth with an aging UK population and increased pension freedoms.
The money manager last year launched a joint venture with Lloyds Banking Group called Schroders Personal Wealth, which serves clients with at least £100,000 to invest.
Sandaire was created in 1996 to manage the Scott family fortune after the sale of its Provincial Insurance business, according to the statement.
The acquisition is subject to regulatory approval.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Great Eastern chairman appeals for patience as shareholders fume over share price ‘disaster’
S&P Global first-quarter profit beats estimates on strong product demand
Thai banks cut rate for some borrowers after push from PM
Money laundering accused who faces 22 charges to plead guilty on May 14
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover