Schroders confirmed the purchase of UK wealth manager Cazenove Capital for £424m ($646m).

Cazenove had had until 19 April to decide on the offer.

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The deal will create a leading independent private banking and wealth management business with the combined group having assets under management of £28.4bn as at end of 2012.

David Mayhew, chairman of Cazenove Capital, said: "It will provide an enhanced proposition for our private wealth management and charities clients, a sound strategic fit for our investment funds business and attractive financial terms for our shareholders."

Cazenove will receive 135 pence in cash per ordinary share.

Andrew Ross will be head of UK Private Banking, reporting to Philip Mallinckrodt, Schroders Group head of private banking.

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Schroders and Cazenove are two of the City’s oldest names. The latter was established in 1823 and has reportedly counted Queen Elizabeth II among its clients.

In 2005, the fund manager arm of Cazenove was split from the wider group after JP Morgan formed a joined venture with Cazenove’s UK investment banking business.

Last December, Schroders said it had agreed to buy US-based STW Fixed Income Management.