Schroders wealth chief weighs acquisitions after £9.9bn Nuveen sale

M&A · PartnershipCorporate Action
โดย Private Banker International·GB·Read original
Summary · why it matters

Schroders' wealth division is examining possible acquisitions as it redirects the business toward very affluent clients, its wealth chief Oliver Gregson told the Financial Times. Gregson, who took charge of the wealth management unit at the end of last year, said the group's board has agreed to a material investment in the wealth business over the next five years to help transform and grow it, and that acquisitions may support a strategy centred on financial planning and high-net-worth asset management to increase fee income. His remarks follow shareholder approval for Schroders' £9.9bn ($13.5bn) sale to Nuveen, a transaction that will create an asset manager with roughly $2.5tn under management and result in another company leaving the FTSE 100. Any deal would aim to expand the group's position in the high-net-worth segment in the UK and overseas as it scales back its exposure to the mass-affluent market, and Gregson said Schroders and Nuveen have made clear the enlarged group is retaining Cazenove Capital and intends to expand it, adding that it is not for sale. As part of its withdrawal from the mass market, Schroders agreed to sell Benchmark, its financial planning unit, for more than £200m to Söderberg & Partners.

Impact on stocks 2

Financials▲ · 1 stocks
Schroders PLC
SDR
▲ PositiveCapitalrelevance

Board approved a material five-year investment in the wealth business and is weighing acquisitions after the £9.9bn Nuveen sale.

Digital Finance & Tokenization▲ · 1 stocks

Off-coverage companies 3

Nuveen, LLCPrivate▲ Positive
Capitalrelevance

Nuveen's £9.9bn purchase of Schroders creates an asset manager with roughly $2.5tn under management.

Cazenove CapitalPrivate▲ Positive
Capitalrelevance

Schroders and Nuveen confirmed the enlarged group is retaining Cazenove Capital and intends to expand it, and it is not for sale.

Söderberg & PartnersPrivate▲ Positive
Capitalrelevance

Söderberg & Partners agreed to buy Schroders' Benchmark financial planning unit for more than £200m.

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