Schroders, the UK’s largest listed asset manager, has acquired London-based family office Sandaire as part of its wider push into the wealth management arena.
Sandaire, which oversees £2.2bn in assets, will become part of Schroders’ existing wealth management business, Cazenove Capital.
The family office was founded in 1996 by the Scott family when Provincial Insurance, the family business originally founded by Sir James William Scott in 1903, was sold.
Sandaire was established initially to preserve and grow the wealth of the family and, under the leadership of its founder, Alex Scott, grew to provide advice to other wealthy multi-generational families. Scott will join Schroders after the deal is completed.
Schroders manages £526bn in assets under management. Its wealth management business oversees £65.7bn globally and contributed £1.3bn of net inflows to the business during the first six months of the year.
Peter Hall, global head of wealth management at Schroders, said: “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.”
The deal comes after Schroders made a big push into the UK wealth management sector after launching Schroders Wealth in 2019 — a joint venture with Lloyds Banking Group.
Source: Private Equity News
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