Schroders announced on Monday that it has reached an agreement to transfer ownership of its Benchmark financial planning business to Söderberg & Partners. The move is presented by Schroders as part of a strategic reorientation of its wealth management operations toward wealthier client segments.
The company said it will not disclose the sale price for Benchmark. Schroders noted that Benchmark serves customers in the mass affluent bracket, and the disposal is being carried out while the asset manager narrows its focus on higher-net-worth clients.
As part of the deal, Schroders will put in place a long-term asset management partnership with Söderberg & Partners, the Sweden-based firm that operates across Europe. Söderberg & Partners manages £108 billion in assets under advice.
The transaction forms one element of Schroders' broader plan to divest assets it deems non-core ahead of a planned sale to U.S.-based Nuveen valued at 9.9 billion.
According to prior reporting, Schroders had begun exploring options for its Benchmark business in December. The company reiterated that it will continue to pursue wealth management through its existing Cazenove Capital division in Britain as well as through its international operations.
Industry observers will note that the agreement ties an arm catering to mass affluent clients to a firm with a substantial presence across Europe, while preserving Schroders' focus on higher-net-worth segments via Cazenove Capital. Details on the transaction's financial terms were not released, and Schroders' stated intent to divest non-core holdings remains a central element of its pre-sale positioning.