After buying US fixed income manager STW in December, Schroders greets spring with the acquisition of Cazenove.
With distribution convergence, from retail to mass affluent, high net worth and institutional, Schroders added the queen and an old UK private banking brand to its lineup.
Adding some GBP 20 billion in assets (two thirds PB, one third funds), Cazenove will boost Schroders’ private wealth unit to GBP 30 billion (and over GBP 230 billion overall).
Andrew Ross will report to Philip Mallonckrodt as head of UK PB. Private and charity clients still will be serviced by Cazenove CRMs, but they now have the firepower and product offering of Schroders at their disposal.
A number of research reports recently suggested that over three quarters of future growth in asset management will come from individuals and private wealth. In that regard, the lines of demarcation in terms of needs and sophistication between sovereign funds, family offices or private clients are increasingly blurry.
CEO Dobson in addition commented on the new investment talent in complementary strategies across UK and European equities, multi-manager and fixed income.
Related blogs:
Multi-Convergence: Orix buys Robeco for distribution and global brand
Schroders increases US assets to $35b with STW acquisition
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(c) Enskat Associates 2013
More details on the global M&A in the asset management industry can be found in EAQ, a quarterly asset management review featuring thought leaders globally.
Warren Enskat Group 