Fund management firm Schroders has stuck a deal to buy rival stock broker firm, Cazenove Capital, for £424 million.

The deal, which will combine two of the City’s oldest firms, values each Cazenove share at 135p.

Michael Dobson, Schroders’ chief executive, said in a statement on Monday:
‘This transaction creates a leading, independent private banking and wealth management business in the UK, and brings additional investment talent in complementary strategies across UK and European equities, multi-manager and fixed income.’

Schroders has recently made a series of small acquistions. In December it announced plans to buy the US based STW Fixed Income Management. Analysts have commented that the deal confirms expectations that the UK asset management industry is moving into a period of consolidation.

Find out more about Asset Management and private banking.

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