Financial terms of the acquisition have not been disclosed, with London-based C. Hoare & Co registering some £2.2bn of discretionary assets under management as at the end of June.
Schroders has made no secret of its desire to grow its wealth management business, with Cazenove chief executive Andrew Ross stressing the combination will bring “significant benefits and enhanced opportunities” for its clients.
“The complementary fit between our two firms, the strong shared service culture, long-term thinking and established heritage of both businesses make this an ideal match,” he said.
Alexander Hoare, partner and director at C. Hoare & Co, said: “We have chosen Cazenove Capital, the UK wealth manager of Schroders, because our firms share established heritages and similar cultures with the same dedication to customer service.
“We are very proud of the wealth management business that we have built over the last decade and we are keen for it to continue to flourish. We look forward to an ongoing relationship with Cazenove Capital.”
In July, Cazenove launched six, risk-rated model portfolios which head of DFM Nick Georgiadis said the range was a “natural extension” of the firm’s relationship with the IFA community.