Schroders CEO Richard Oldfield has said the group plans to keep its wealth management operation, Cazenove Capital, following its £9.9bn ($13.5bn) agreed sale to US asset manager Nuveen.

Speaking to the Financial Times, Oldfield said there was “absolutely no reason to think” Cazenove would be sold.

His comments follow questions about the future of the brand after it was not mentioned by name when the FTSE 100 company announced the takeover earlier this month.

“The wealth channel for us is really important,” Oldfield said, adding: “We want to grow it.”

He also said commitments made by the buyer covered the whole company.

“The commitments that Nuveen has made are about our entire business . . . when they talked about keeping people, keeping the business, keeping the brand, that applies to the whole business.”

Private Banker International contacted Schroders for comment but was referred to the announcement released on 12 February.

Nuveen chief executive William Huffman, in remarks published with that statement, said: “This transaction is about unlocking new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public-to-private platform a broader global presence.”

Schroders’ board has accepted a 612p-per-share offer from Nuveen, which is part of Teachers Insurance and Annuity Association of America.

The proposed transaction has the support of the Schroder family, which holds 42% of the London-listed firm.

Oldfield said the transaction was “a good deal for the UK” and that the combined organisation would continue to use London as its “non-US headquarters”.

Schroders operates across asset management, private markets and wealth management.

It acquired Cazenove in 2013 for £424m.

Oldfield said the wealth business was “growing really strongly” and highlighted its client base includes a large number of charities.

Schroders Wealth Management, the label used for its international operations, runs offices in Singapore, Switzerland and the US.

He said Nuveen also has a “very big wealth business” in the US, working with thousands of investment advisers.

Once combined, the two groups are expected to oversee close to $2.5tn in assets under management, split between institutional and wealth clients.

In the announcement released when the deal was unveiled, the companies said there was no intention “to make any material reductions in the employee base of Schroders” for two years after completion.

Oldfield indicated any restructuring decisions would take time.

“It’s going to take a year to go through and do all the analysis . . . to come up with the right decisions about any changes that we want to make.”

He added that product duplication would be reviewed, saying: “What we have to avoid is that we confuse the client with offering two products that are exactly the same. That’s where we’re going to try and eliminate any overlap.”