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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Schroders plc    SDR   GB0002405495

SCHRODERS PLC

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Schroders : grows Cazenove Capital's leading position in the UK Ultra-High-Net-Worth sector with acquisition of family office specialist Sandaire

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09/18/2020 | 07:10am EDT
Schroders grows Cazenove Capital's leading position in the UK Ultra-High-Net-Worth sector with acquisition of family office specialist Sandaire
Schroders grows Cazenove Capital's leading position in the UK Ultra-High-Net-Worth sector with acquisition of family office specialist Sandaire

Schroders grows Cazenove Capital's leading position in the UK Ultra-High-Net-Worth sector with acquisition of family office specialist Sandaire

18/09/2020

Schroders grows Cazenove Capital's leading position in the UK Ultra-High-Net-Worth sector with acquisition of family office specialist Sandaire

18/09/2020

Schroders is today announcing that it has reached an agreement to acquire London-based family office Sandaire, as part of the group's overall strategy to grow its wealth management business.

This provides an exceptional opportunity to grow Cazenove Capital's leading position in the UK Ultra-High-Net-Worth segment and to offer an exceptional global service to multi-jurisdictional families and their advisers through our wealth management businesses in the Channel Islands, Switzerland and Asia.

This will combine the boutique-style service of Sandaire with the depth of international investment expertise and financial stability and strength of Schroders, a FTSE 100 company still largely owned by the family who founded it over two centuries ago.

Sandaire1 will join Schroders' Wealth Management business Cazenove Capital[1], one of the UK's leading advisers to families of significant wealth, family offices and endowments.

The Scott family founded Sandaire in 1996 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 multi-generational families of significant wealth.

Peter Hall, Global Head of Wealth Management at Schroders, said:

'Sandaire has built a very special franchise and its values of offering bespoke and exemplary client service are a strong cultural fit with Schroders. 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. I am delighted that Alex is joining us to help build an outstanding international offering for wealthy families - he brings unparalleled empathy with the opportunities and challenges they face.'

Mary-Anne Daly, Chief Executive at Cazenove Capital, said:

'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.'

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. We are proud of the business we have built over the last two decades and look forward to seeing our family and clients flourish under Sandaire's new ownership. I look forward to working with Schroders Wealth to help it enhance and grow the services it offers in the Family Office Sector.

The transaction is subject to regulatory approval. Its financial terms are not being disclosed.

1Sandaire is responsible for £2.2bn of client assets, as at 30 June 2020

2 Cazenove Capital is responsible for £35.6bn of client assets, as at 30 June 2020

Disclaimer

Schroders plc published this content on 18 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 September 2020 10:09:04 UTC


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Sales 2020 2 038 M 2 653 M 2 653 M
Net income 2020 469 M 610 M 610 M
Net cash 2020 2 969 M 3 864 M 3 864 M
P/E ratio 2020 16,5x
Yield 2020 4,15%
Capitalization 7 034 M 9 156 M 9 156 M
EV / Sales 2020 1,99x
EV / Sales 2021 1,84x
Nbr of Employees 5 673
Free-Float 61,4%
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Number of Analysts 19
Average target price 2 804,06 GBX
Last Close Price 27,50 GBX
Spread / Highest target 12 809%
Spread / Average Target 10 097%
Spread / Lowest Target 8 264%
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Peter Harrison Group CEO & Executive Director
Michael William Romsey Dobson Chairman
Richard Keers Chief Financial Officer & Executive Director
Ashley Lester Global Head-Research
Stewart Carmichael Chief Technology Officer
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