Schroders to buy rival Cazenove for £424m
Talks over the deal only emerged on Friday, taking the market by surprise, and Schroders chief executive Michael Dobson said: “I am confident the transaction will create long-term value and benefits for clients, shareholders and employees.”
Shareholders in Cazenove, which was set up in 1823 and manages £18.7 billion in assets, will receive 135p a share and chief executive Andrew Ross said the takeover was a “very exciting” development for the firm.
He added: “In combining with Schroders, we will create a pre-eminent independent private banking and charities business in the UK.”