British fund manager Schroders is said to be in talks to buy Cazenove Capital, reports Reuters.
In a regulatory statement, Schroders confirmed it was considering a cash offer for Cazenove, which manages GBP18.7 billion in assets, with a loan note alternative, for the firm’s entire issued share capital.
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Schroders has until April 19, 2013, to decide on whether or not to bid for the company, under UK takeover regulations.
Buying Cazenove would increase Schroders’ assets under management by close to 10%. In February, 200-year old Schroders said assets had risen to GBP212 billion following strong inflows in its fourth quarter.
Traditionally one of the least acquisitive of the larger UK asset management houses, Schroders has made small add-on deals recently. In December it said it had agreed to buy US-based STW Fixed Income Management.
The fund management arm was split from the wider group after JP Morgan formed a joint venture with Cazenove’s UK investment banking business in 2005.
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