Schroders, Europe’s biggest publicly traded money manager, agreed to buy Cazenove Capital Holdings Ltd. for $646m to expand its private-banking operations.
Bloomberg reports that the combination of Schroders and Cazenove Capital brings together two of the City of London’s oldest firms, which can both trace their histories back to the 19th century.
Both companies sold their more famous investment-banking arms since the millennium -- Schroders’s to Salomon Smith Barney in 2000, which later became part of Citigroup Inc., and Cazenove started a joint venture with JPMorgan Chase & Co. (JPM) in 2005, and was later bought by the U.S. bank. Schroders and Cazenove Capital now solely focus on asset management.
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Schroders Agrees to Buy Cazenove Capital for 424 Million Pounds
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