Global asset management company Schroders has acquired London-based family office Sandaire.
The M&A deal is part of the firm’s growth plans in the ultra-high net worth (UHNW) segment in the UK, and will expand its multi-jurisdictional family offering through its wealth management business in the Channel Islands, Switzerland and Asia.
Sandaire will become part of Schroder’s wealth arm, Cazenove Capital.
The terms of the deal and the sum involved were not disclosed by Schroders.
Becoming a leader in the UHNW space
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.”
Mary-Anne Daly, chief executive at Cazenove Capital, added: “We believe that the combination of our two businesses will bring significant benefits and enhanced opportunities to clients.
“The established heritages of our two firms and shared culture of service excellence, combined with the depth of our investment resource and continuous investment in people and technology, will allow us to sustain our presence by the side of our clients for generations to come.”
Sandaire was created in 1996, when Provincial Insurance, the family business founded by James Scott in 1903, was sold.
Alex Scott, founder of Sandaire, said: “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.”