The wealth management firm that is part of London-listed Schroders will boost its discretionary asset pool with the purchase.
Cazenove Capital Management has agreed to acquire the wealth management business of C. Hoare & Co for an undisclosed sum.
London-based C. Hoare & Co has provided banking services to high net worth and ultra-high net worth clients for over 300 years. Over the last decade, it has widened its service offering into wealth management and developed a business with around 1,800 clients and £2.2 billion ($2.8 billion) of discretionary assets under management as at the end of June 2016.
“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,” said Peter Harrison, group chief executive at Schroders.
The deal, which is is expected to complete in the first quarter of 2017, comes months after David Green became C. Hoare & Co’s new CEO, taking the helm from Jeremy Marshall.