Schroders has acquired the remaining minority stake in wealth management firm Benchmark Capital, which administers more than £17bn in assets on behalf of over 1,000 advisers.
The British fund manager first invested in Benchmark in 2016. The latest move follows Schroders’ strategic goal to develop its wealth management offering.
Founded in 2003, Benchmark provides a spectrum of services to British financial advisers, including network services, platform, and CRM technology, and managed portfolio services. It also offers succession management for advisers, through business sale.
In the past few years, the company has been accelerating its growth through both organic and inorganic initiatives.
Benchmark purchased Mitchell & Company in 2019 and took a majority stake in Finura Partners the same year.
This was followed by the acquisition of TRPP Wealth Management and Mayfair Wealth Management last year.
As part of the latest development, Benchmark founder Ian Cooke will assume the role of special adviser. He will be appointed as a non-executive director once the transition of his regulatory responsibilities are concluded.
Additionally, Benchmark Group managing director David White will be promoted to the position of CEO on 1 April 2021.
Commenting on the development, Benchmark chair and global head of Wealth Management Peter Hall said: “The full completion of the Benchmark acquisition further builds on Schroders core strategic priority of continuing to expand our wealth management offering and we look 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 CEO.”
Other moves by Schroders
Schroders reported a 15% increase in assets under management (AUM) last year, due to the strong demand in its private assets, wealth management, and solutions businesses.
Last month, it was reported that Schroders secured the clearance to launch a majority-owned wealth management JV with a unit of Chinese lender Bank of Communications (BOCOM).
In January this year, Schroders Wealth Management in Switzerland extended its partnership with banking software firm Temenos to automate and enhance its advisory business.