Key facts
- Schroders is selling its financial planning business, Benchmark Capital, to Soderberg & Partners.
- The deal aims to accelerate Schroders' focus on wealth management and high-net-worth clients.
- Soderberg & Partners will become a long-term asset manager for Schroders.
- The value of the transaction was not disclosed.
- The acquisition is expected to be finalized by year-end, subject to regulatory approval.
Schroders has agreed to sell its financial planning business, Benchmark Capital, to Swedish wealth firm Soderberg & Partners as part of a strategic shift towards wealth management and high-net-worth clients. Following the transaction, Schroders will transition to a long-term asset manager for Soderberg & Partners, exiting direct ownership of the financial planning operations.
The financial terms of the deal were not disclosed by either company. Soderberg & Partners, which entered the UK market in 2023, has been actively acquiring minority stakes in advice firms and launched its own platform, Seccl. The firm currently manages £108 billion in assets under advice, positioning it as one of Europe's significant wealth managers.
Benchmark Capital operates three distinct advice networks: Best Practice IFA, Oculus Wealth Management, and Evolution Wealth, and also manages its own investment platform, Fusion Wealth. Ed Dymott, Chief Executive of Benchmark, expressed confidence that the transaction will provide the necessary ownership structure and backing for Benchmark's future growth, emphasizing Soderberg & Partners' commitment to investing in the UK and enhancing adviser solutions, technology, and service.
The acquisition is anticipated to be completed by the end of the year, contingent upon receiving approval from the Financial Conduct Authority (FCA). This sale marks Schroders' complete exit from the UK advice market, following its earlier divestment from Schroders Personal Wealth and its joint advice venture with Lloyds. The firm, however, maintains its wealth management presence through Cazenove Capital, which is led by Chief Executive Richard Oldfield and is set to remain following Schroders' £9.9 billion takeover by US fund manager Nuveen.
Schroders' divestment of Benchmark Capital is part of a broader trend of European asset managers being acquired by foreign buyers, with total deal values escalating significantly in recent years.