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Several buyout firms said to be circling Schroders' financial planning unit
(Sharecast News) - A number of private equity firms are reportedly circling Benchmark, the financial planning unit of asset manager Schroders, which recently agreed a £9.9bn takeover by US investment manager Nuveen. According to Sky News, citing City sources, Hg, Towerbrook and Vitruvian Partners are among the suitors which have lodged initial offers for Benchmark. US buyout firm Aquiline Capital Partners is also said to be among the interested parties.
Benchmark was established in 1993 under the name Ian Cooke & Partners. It now has more than £26bn in assets under administration across its operations and employs hundreds of people. As well as financial planning, it provides technology and compliance services to other financial advisers.
Schroders, which initially took a stake in Benchmark in 2016, took full control of the business two years later.
Sky sources said bankers at Perella Weinberg Partners are overseeing the auction, which could fetch between £150m and £200m.
Schroders announced in February that it had agreed to be bought by Nuveen - which is part of the Teachers Insurance and Annuity Association of America - for 612p per share. It said the deal will create one of the world's largest global active asset managers, with nearly $2.5 trillion of assets under management across institutional and wealth channels.
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