Schroders agrees £424m deal for Cazenove

Cazenove's £17.2bn in assets under management (AUM) will push Schroders' total AUM to £229.2bn, adding £5.1bn to its funds business and creating a £28.4bn private banking business. The acquisition will cost £394m, with Schroders setting aside an additional £29m as "the effective future cost of existing deferred share compensation arrangements for Cazenove Capital Group employees". Schroders will continue to use the Cazenove name within its private banking unit, while Cazenove's UK and European equity, fixed income, multi-manager and absolute return managers will join Schroders investm...