Through the acquisition, Cazenove estimates itwill add over £600m of assets under management, taking total group assets under management to over £14bn.
Thornhill provides discretionary private wealth management services to its clients from offices in London and Edinburgh. Thornhill’s Scottish business came out of Martin Currie in 2003.
The transaction remains subject to a number of conditions including regulatory approval from the FSA. It is anticipated that completion of the deal will take place in early 2010.
Cazenove chief executive Andrew Ross says: “We have known and admired Thornhill for many years. Given the similar culture, approach to investment and focus on client service, Thornhill and Cazenove Capital are an excellent strategic fit, both being independent businesses largely owned by their employees. We are excited by the addition of Thornhill and look forward to welcoming their team and clients to the enlarged group.’’
Managing director of Thornhill Sandy Dudgeon adds: “This is excellent news for our clients. Like us, Cazenove Capital is a privately owned and independent business where the management of private clients and charities is the largest area of the business. In addition, Cazenove Capital possesses a highly respected investment management team which will allow us to strengthen the investment offering we bring to our clients.”