Cazenove Capital Management, the London-based privately owned, independent asset management house with GBP13 billion assets under management, has acquired Thornhill, an independent fund management company, reported the Financial Times.
Thornhill, with GBP600m assets under management, has offices in Edinburgh and London. It had previously acquired the private client division of Martin Currie Investment Management in Edinburgh.
Reportedly, Cazenove Capital, which has demerged from the broker of the same name five years ago intends to use the acquisition to foray into the Scottish fund and wealth management industry.
Andrew Ross, CEO of Cazenove, said that Thornhill had approached Cazenove to expand its business as the two firms serve to the same class of institutional and private clients. He said that he would only look to expand the merged business if he could find managers with a similar mindset, rather than embarking on a fresh hiring programme, reported the newspaper.
