Schroders has agreed to buy Sandaire, a £2.2bn London-based family office, for an undisclosed price in a move to grow its wealth management business for UHNW clients.
Sandaire will become part of Schroders' existing wealth management business, Cazenove Capital.
Peter Hall, global head of wealth management at Schroders, said: "This acquisition will create one of the UK's top multi-family offices and be a springboard for developing an exceptional global service in this space."
Sandaire was established in 1996 to manage the fortune of the Scott family following the sale of Provincial Insurance, a private-owned property and accident insurance company founded by James William Scott in 1903.
Under the leadership of its founder, Alex Scott, it grew to provide advice to other multi-generational families of significant wealth.
Sandaire founder Alex Scott will be chairman of Schroders' global family-office services, a spokesperson said.
Scott added: ‘Our family has chosen to partner with Schroders in recognition that by combining Sandaire's specialist expertise in the family office field, Cazenove Capital's leading position as adviser to families of significant wealth in the UK, and Schroder's impressive global reach and investment capability, there is the opportunity to deliver a truly distinctive proposition to our family members and fellow clients.'
The Sandaire brand will be absorbed into Cazenove Capital following the deal. It is expected that a healthy number of Sandaire staff will move to Cazenove.
The deal comes after Schroders made a big push into the UK wealth management sector after launching Schroders Wealth in 2019 — a joint venture with Lloyds Banking Group.
Schroders manages £526bn in assets under management. Its wealth management business oversees £65.7bn globally and contributed £1.3bn of net inflows to the business during the first six months of the year.
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by Tanya at http://www.ifajobs.net
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