On October 3, 2016, Cazenove Capital Management announced an agreement to acquire the wealth management business of C. Hoare & Co.
The transaction is expected to be completed in the first quarter of 2017. The financial terms of the transaction were not disclosed.
Cazenove Capital Management (“Cazenove Capital”) is the London-based UK wealth manager of Schroder Investment Management Limited (“Schroders”). Cazenove Capital provides wealth management services to pension plans, family offices, high net worth clients, trusts and companies. As of June 30, 2016, Schroders’ wealth management division managed £33.8 billion on behalf of its clients globally.
C. Hoare & Co, also based in London, is the UK’s oldest family-owned private bank, providing banking services to high net worth and ultra-high net worth clients. C. Hoare & Co. entered the wealth management business over the last decade, and at the end of June, 2016, the wealth management business reached approximately 1,800 clients and £2.2 billion in discretionary assets under management.
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