Cazenove Capital is to acquire C Hoare & Co’s wealth management business for an undisclosed sum.
The oldest private bank in London, C.Hoare & Co has 1,800 private clients and £2.2bn of discretionary assets under management, as at the end of June 2016.
Cazenove, which is Schroders’ UK wealth manager and manages £33.8bn globally, says C.Hoare & Co is a good fit for the business and its growth.
As part of the deal, Cazenove expects to acquire “most” of the 30 client-facing employees, a Cazenove’s spokeswoman told Fund Strategy.
Cazenove Capital Management chief executive Andrew Ross says: “We believe the combination of our two businesses will bring significant benefits and enhanced opportunities for our clients. The complementary fit between our two firms, the strong shared service culture, long-term thinking and established heritage of both businesses make this an ideal match.”
C. Hoare & Co partner and director Alexander Hoare says: “We have chosen Cazenove Capital because our firms share established heritages and similar cultures with the same dedication to customer service. We are very proud of the wealth management business that we have built over the last decade and we are keen for it to continue to flourish. We look forward to an ongoing relationship with Cazenove Capital.”
In a statement on its website, Hoare says the deal is also designed to meet the “new challenges of technology” as the group will focus more on the banking business, as well as “the requirements of the regulators”.
He says: “To do this will require growing scale and investment which we believe will best be achieved as part of a larger and deeply experienced wealth management business, backed by the resources required to grow.”
The deal will complete in mid-February 2017.