The acquisition of private wealth management company Thornhill Holdings which completed this month brings around £650m of private client and charity assets to the firm with total group assets under management totalling £14.5bn.
Fund flows were bolstered by the launch of Cazenove’s absolute UK dynamic fund which saw inflows of around £123m in less than two weeks.
Cazenove Capital chief executive Andrew Ross says: ‘We are pleased with the strong progress in 2009 against the market backdrop of investor caution. The most significant driver for us during 2009 was the substantial fund flows into Investment Funds, where our assets under management grew by almost 50 per cent. We are also delighted with the acquisition of Thornhill which is an excellent strategic fit and gives us a well-established presence in Edinburgh. We have seen strong flows of new clients into our Private Wealth Management business and this will increase our presence in the sector.”