Cazenove Capital Management, the UK wealth manager of Schroders, has reached an agreement with C. Hoare & Co. to acquire its wealth management business.
C. Hoare & Co. is a London-based private bank with a 300-year history of providing banking services to high net worth and ultra-high net worth clients. Over the last decade, it widened its service offering into wealth management and has developed a high-quality business with approximately 1,800 clients and £2.2 billion of discretionary assets under management at the end of June 2016.
This acquisition fits with the firm’s strategy of growing its Wealth Management business.
Peter Harrison, Group Chief Executive at Schroders, 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.”
Andrew Ross, Chief Executive at Cazenove Capital Management, 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.”
Alexander Hoare, Partner and Director at C. Hoare & Co., said:
“We have chosen Cazenove Capital, the UK wealth manager of Schroders, because our firms share established heritages and similar cultures with the same dedication to customer service. We are very proud of the wealth management business that we have built over the last decade and we are keen for it to continue to flourish. We look forward to an ongoing relationship with Cazenove Capital.”
Financial terms of the transaction were not disclosed and it is expected to complete in the first quarter of 2017.
For further information, please contact:
Schroders/Cazenove Capital
Charlotte Banks, UK PR Manager:
+44 (0)20 7658 2589
charlotte.banks@schroders.com
Estelle Bibby, Senior UK PR Manager:
+44 (0)20 7658 3431
estelle.bibby@schroders.com
Stephanie Cooper, Communications Specialist:
+44 (0)20 7658 1391
stephanie.cooper@cazenovecapital.com
C. Hoare & Co.
Caitlin Thomas, Head of Marketing:
+ 44 (0)20 7353 4522
Caitlin.thomas@hoaresbank.co.uk
Notes to editors
Cazenove Capital Management
Cazenove Capital is a leading provider of personalised wealth management services to high net worth clients, family offices, trusts, companies and pension plans. As well as discretionary and advisory investment services, we offer wider wealth management services such as wealth planning, cash management, deposit-taking and lending.
As the wealth management business of Schroders in the UK, Channel Islands and Asia, our significant family ownership and financial strength enables us to genuinely take a long-term view and focus on the needs of our clients. The wealth management arm of Schroders plc manages £33.8 billion globally on behalf of clients (at 30 June 2016).
We also work in partnership with financial advisers by supporting them to provide discretionary fund management to their clients and as one of the UK’s leading charity fund managers, our charities team provide a range of specialised services to suit a wide range of charity clients.
For more information, please visit www.cazenovecapital.com
C. Hoare & Co.
C. Hoare & Co. is the UK’s oldest family-owned private bank with no allegiance to any other financial institution. The bank has been in continuous family ownership since 1672. The Partners seek to ensure there is a strong cultural affinity between the bank and customers; knowing and understanding customers is key to the business. The day to day involvement of all Partners underpins lasting customer relationships.
Further information: www.hoaresbank.co.uk
Important information
Cazenove Capital Management is a trading name of Schroder & Co. Limited. Registered Office at 31 Gresham Street, London EC2V 7QA. Registered 2280926 England. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. For your security, communications may be taped or monitored.