Schroders has agreed to buy London-based £2.2bn family office Sandaire in a bid to bolster its wealth management offerings for UHNW clients.
The deal, whose value was not revealed, awaits regulatory nod.
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By GlobalDataDeal details
Sandaire will become part of Cazenove Capital – Schroders’ wealth management unit that advises wealthy families, family offices and endowments.
Schroders snapped up Cazenove Capital in 2013.
Schroders global head of Wealth Management Peter Hall calls Sandaire a “strong cultural fit”.
“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,” Hall noted.
Set up in 1996, Sandaire was formed to manage the Scott family wealth following the sale of its Provincial Insurance business.
As part of the deal, Sandaire founder Alex Scott will assume the role of chairman of Schroders family office services.
Scott stated: “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.”
Other acquisitions
Earlier this year, Schroders agreed to buy a majority interest in Pamfleet.
Moreover, in 2019, Schroders-owned Benchmark Capital picked a majority stake in TRPP Wealth Management (Retirement Planning Partnership).
In 2019, Schroders bought a majority interest in BlueOrchard and agreed to sell its full 41% equity stake in RWC Partners.
In the same year, Schroders took full ownership of Secquaero Advisors.
In 2019, Schroders also acquired Blue Asset Management and agreed to buy Thirdrock Group’s wealth management unit.
