UK asset manager Schroders nears deal to offload financial planning unit Benchmark Capital to Söderberg & Partners.
Schroders is finalizing the sale of its financial planning arm, Benchmark Capital, to Söderberg & Partners for more than £200m. The move aims to refocus resources on ultra-high-net-worth clients and core asset management operations.
Benchmark Capital manages £36.9bn in assets and serves advisers with clients holding hundreds of thousands in investable assets. The sale follows Schroders’ £9.9bn agreement with Nuveen, approved by shareholders in April, as part of a broader strategy to streamline operations.
Post-transaction, Schroders’ wealth division will retain Cazenove Capital, which oversees £83.8bn in assets, alongside its international wealth business. The shift aligns with CEO Richard Oldfield’s push to reduce costs and prioritize affluent clientele.