Schroders to buy Cazenove for 424 million

Schroders PLC will acquire wealth management and mutual fund firm Cazenove Capital Holdings Ltd. in a cash deal worth about 424 million ($643 million), according to statements from both firms.

Cazenove Capital had assets under management of 18.7 billion as of Feb. 28.

Victoria Hayes, Cazenove spokeswoman, wrote in an e-mail, “We are excited at the prospect of this partnership as our two firms share established heritages, quality of investment product and client service. Schroders private bank will continue to use the Cazenove Capital name.”

It is the second acquisition for Schroders in the past four months. The firm announced in December it would be acquiring STW Fixed Income Management, which would bring Schroders' U.S. fixed-income assets under management to $35 billion.

Schroders spokeswoman Emma Holden did not return a phone call by press time.