Reuters: Regulatory News: UPDATE 1-Schroders in talks to buy Cazenove Capital

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UPDATE 1-Schroders in talks to buy Cazenove Capital Mar 22nd 2013, 10:42 Fri Mar 22, 2013 6:42am EDT LONDON, March 22 (Reuters) - British fund manager Schroders said on Friday it was in talks to buy smaller rival Cazenove Capital, raising the prospect of a marriage between two of London's oldest names. In a regulatory statement, Schroders confirmed it was considering a cash offer for Cazenove, which manages 18.7 billion pounds ($28.39 billion) in assets, with a loan note alternative, for the firm's entire issued share capital. Schroders has until April 19 to decide on whether to bid for the company, under UK takeover regulations. Buying Cazenove would increase Schroders' assets under management by close to 10 percent. Last month 200-year old Schroders said assets had risen to 212 billion pounds following strong inflows in its fourth quarter. Traditionally one of the least acquisitive of the larger UK asset management houses, Schroders has made small add-on deals recently. In December it said it had agreed to buy U.S.-based STW Fixed Income Management. Cazenove, established in 1823, had by the 1940s become one of the top stockbroking firms for the well-heeled of London. The fund management arm was split from the wider group after JP Morgan formed a joint venture with Cazenove's UK investment banking business in 2005. Link this Share this Digg this Email Reprints

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