Schroders’ acquisition of Cazenove Capital Management has completed today and the latter’s fund managers will move over to Schroders with immediate effect.
The £424m deal was agreed in March and will lead to a significant increase in Schroders’ assets in both the private banking and UK intermediary spaces, bringing the total assets under management to around £254bn.
Schroders currently has £236.5bn in AUM, with the addition of Cazenove’s bringing another £17.2bn.
All of Cazenove’s fund managers, which include Cazenove UK Opportunities manager Julie Dean and multi-managers Marcus Brookes, Robin McDonald and Joe Le Jehan, will move over to Schroders immediately.
Schroders head of UK intermediary Robin Stoakley adds: “There will be no change to the distinctive business cycle investment process, investment objectives or performance targets of the Cazenove Capital funds. They will retain their existing names until they are formally brought into the Schroder fund range in 2014.”
Although Cazenove’s fund will be brought under the Schroders banner next year, the group plans to continue using the Cazenove brand within its private banking unit.