Schroders clinches deal for IT group Benchmark

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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. 

Source Article from http://www.standard.co.uk/business/schroders-clinches-deal-for-it-group-benchmark-a3392556.html

November 11, 2016 |
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