Global asset manager Schroders has bought the remaining minority interest in UK wealth manager Benchmark Capital.
The financial terms of the deal were not disclosed.
Benchmark Capital, which has over £17bn ($23.5bn, €20bn) of assets under administration on behalf of over 1,000 advisers, joined the Schroders Group in 2016.
This deal further builds on Schroders “strategic priority of continuing to expand its wealth management offering”.
Changes
Benchmark Capital founder Ian Cooke will become a special adviser and will be appointed as a non-executive director in due course, once the handover of his regulatory responsibilities is complete.
Cooke will continue to be a client of Benchmark Capital and has a long-term deal to use its technology, compliance and adviser support services.
As part of a succession plan, David White will be promoted to chief executive of the Benchmark Capital Group from 1 April 2021.
White joined Benchmark Capital from Zurich Insurance in February 2020 as group managing director.
Collaboration
Peter Hall, global head of wealth management at Schroders and chair of Benchmark Capital, said: “The full completion of the Benchmark acquisition further builds on Schroders core strategic priority of continuing to expand our wealth management offering and as we look forward to collaborating ever more closely with our high-quality colleagues in Benchmark.”
Cooke added: “Our principle focus at Benchmark Capital has always been on making advisers’ lives easier and hopefully we have achieved this under my leadership.
“I am sure that this will absolutely remain the key focus under the full ownership of Schroders and I am excited to remain as a director and adviser to the business, confident in the knowledge that, in David, I have a great successor as chief executive.”
Benchmark Capital offers a range of services to UK financial advisers, as well as succession management for advisers.
The business has grown rapidly over the past few years through a combination of organic and inorganic expansion; after it acquired TRPP Wealth Management and Mayfair Wealth Management in 2020, and in 2019 acquired Mitchell & Company and a majority stake in Finura Partners.
