Schroders clinches deal for IT group BenchmarkComments Off on Schroders clinches deal for IT group Benchmark
Fund manager Schroders made a further push into the retail investment market today by taking a stake in financial IT group Benchmark Capital.
The deal, first revealed in the Evening Standard in September, is the latest tech-style investment from the FTSE 100 group after it bought a stake in online wealth manager Nutmeg.
The group did not disclose financial terms today. The Standard reported in September the investment was worth £130 million.
Schroders chief executive Peter Harrison said: “This is a significant step in the growth of our presence in the UK retail investment market which is of strategic importance to the group. There is a strong cultural fit between our two businesses, with a shared commitment to delivering investment excellence and high-quality service for clients.”
Benchmark Capital is made up of independent chartered financial planners, a compliance support company aimed at financial planners, plus a tech firm offering systems for wealth managers.
Benchmark will remain majority owned by chief executive and founder Ian Cooke.
Harrison will become chairman of the company.