{"id":298793,"date":"2026-02-23T23:14:16","date_gmt":"2026-02-23T23:14:16","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/298793\/"},"modified":"2026-02-23T23:14:16","modified_gmt":"2026-02-23T23:14:16","slug":"schroders-chief-vows-to-keep-wealth-manager-cazenove-after-9-9bn-takeover","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/298793\/","title":{"rendered":"Schroders chief vows to keep wealth manager Cazenove after \u00a39.9bn takeover"},"content":{"rendered":"

Unlock the Editor\u2019s Digest for free<\/p>\n

Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.<\/p>\n

Schroders\u2019 chief executive has pledged the company will retain its wealth management business Cazenove Capital after a \u00a39.9bn takeover by US fund manager Nuveen<\/a>.<\/p>\n

Richard Oldfield told the FT there was \u201cabsolutely no reason to think\u201d Cazenove would be sold, moving to dispel questions over the future of the brand after it was not namechecked when the FTSE 100 group announced the deal earlier this month.<\/p>\n

\u201cThe wealth channel for us is really important,\u201d he said, adding: \u201cWe want to grow it.\u201d<\/p>\n

\u201cThe commitments that Nuveen has made are about our entire business\u2009.\u2009.\u2009.\u2009when they talked about keeping people, keeping the business, keeping the brand, that applies to the whole business.\u201d<\/p>\n

Schroders\u2019 board has agreed to a 612p-a-share offer from Nuveen \u2014 part of the Teachers Insurance and Annuity Association of America \u2014 and the deal has the backing of the Schroder family, which owns 42 per cent of the London-listed group. <\/p>\n

Oldfield has insisted the sale is \u201ca good deal for the UK\u201d and that the newly merged group will keep London as its \u201cnon-US headquarters\u201d. <\/p>\n

Schroders, whose business spans asset management, private markets and wealth management, bought Cazenove in 2013 for \u00a3424mn<\/a> in a deal that combined two of the City of London\u2019s oldest names.<\/p>\n

Oldfield said the wealth management business was \u201cgrowing really strongly\u201d and noted that it had a lot of charities as customers. Schroders Wealth Management, the brand used for its overseas operations, has offices in Singapore, Switzerland and the US. <\/p>\n

He added that Nuveen also had a \u201cvery big wealth business\u201d in the US, working with thousands of investment advisers. <\/p>\n

The combined group will have nearly $2.5tn of assets under management. <\/p>\n

A statement on the day the deal was announced said there was no intention \u201cto make any material reductions in the employee base of Schroders\u201d for two years after the transaction completes.<\/p>\n

Oldfield said: \u201cIt\u2019s going to take a year to go through and do all the analysis\u2009.\u2009.\u2009.\u2009to come up with the right decisions about any changes that we want to make.\u201d<\/p>\n

He added: \u201cWhat we have to avoid is that we confuse the client with offering two products that are exactly the same. That\u2019s where we\u2019re going to try and eliminate any overlap.\u201d<\/p>\n

Not all shareholders are supportive of the deal. James Lowen and Clive Beagles of UK Equity Income Fund at J O Hambro Capital Management said they believed the takeover price was about 10-15 per cent below what they believed was a \u201cfair value\u201d.<\/p>\n

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Oldfield said in response that \u201cevery shareholder will have a different perspective on whether or not they got good value\u201d. <\/p>\n

\u201cWe have three different advisers who have all provided fair value opinions to the board\u2009.\u2009.\u2009.\u2009so we feel pretty good about the price.\u201d<\/p>\n

He added that he would not receive equity in the enlarged business as part of the deal and that \u201cno member of the management team here at Schroders gets any additional gain out of this transaction\u201d.<\/p>\n

Nuveen said:\u00a0\u201cThe transaction involves the acquisition of the full Schroders platform and would bring together highly complementary businesses.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Unlock the Editor\u2019s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this…\n","protected":false},"author":2,"featured_media":298794,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[138,246,111,139,69,244,245],"class_list":["post-298793","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-new-zealand","tag-newzealand","tag-nz","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/298793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=298793"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/298793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/298794"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=298793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=298793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=298793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}