The blue-blooded lender confirmed that its transfer of discretionary wealth management to Cazenove Capital Management has gone ahead.
C Hoare & Co, the UK private bank, has confirmed that its transfer of wealth management business to Cazenove Capital Management, announced last October, has gone ahead as planned.
The firm did not say how many portfolio managers are affected by the transfer; this publication has contacted the firm requesting additional details and will update in due course.
Cazenove Capital Management bought the wealth management business of C Hoare & Co for an undisclosed sum. The wealth business had £2.2 billion ($2.8 billion) in discretionary assets under management (as at end-June 2016). This unit had around 1,800 clients. The deal came months after David Green became the bank’s chief executive, taking over from Jeremy Marshall.
London-based C Hoare & Co is one of the oldest private banks in Europe, founded in 1672.
Alexander Hoare, partner and director of the bank, said in a statement: “Our plan is to develop our banking offering over time, with investment not just in our recently launched mobile app but also in upgrading our online banking to complement our service of high quality relationships.
“We have seen growth in recent times across a wide range of customer including land owners, entrepreneurs, wealthy families and city professionals. Whilst we will continue to be selective, to maintain our size and the level of service we want to deliver, we are quite happy to let our customer base grow a little further over the next few years,” he added.