Cazenove Capital Buys Thornhill Holdings

Cazenove Capital Management has acquired Thornhill Holdings Ltd., a UK-based provider of wealth management services. No financial terms were disclosed.


Cazenove Capital Management (“Cazenove Capital”) is pleased to announce the acquisition of Thornhill
Holdings Limited (“Thornhill”). Founded in 1985, Thornhill provides discretionary private wealth management services to its clients from offices in London and Edinburgh.
Commenting on the transaction, Andrew Ross, Chief Executive of Cazenove Capital, said: “We have known and admired Thornhill for many years. Given the similar culture, approach to investment and focus on client service, Thornhill and Cazenove Capital are an excellent strategic fit, both being independent businesses largely owned by their employees. We are excited by the addition of Thornhill and look forward to welcoming their team and clients to the enlarged group.’’

This deal will also give Cazenove Capital access to a successful and well established private client business in Edinburgh. Thornhill’s Scottish business came out of Martin Currie in 2003 and combining this pedigree with that of Cazenove Capital will create a powerful wealth management competitor in this market.

Sandy Dudgeon, Managing Director of Thornhill, added: “This is excellent news for our clients. Like us, Cazenove Capital is a privately owned and independent business where the management of private clients and charities is the largest area of the business. In addition, Cazenove Capital possesses a highly respected investment management team which will allow us to strengthen the investment offering we bring to our clients.”

Through the acquisition, it is estimated that Cazenove Capital will add over £600 million of assets managed on behalf of clients throughout the UK. This will take the assets managed on behalf of private clients to £6.5 billion, charities to £2.5bn and total group assets under management to over £14bn.

Cazenove Capital was the highest rated private client investment manager in the latest MDRC Client Satisfaction Survey 2008 and is the 4th largest charity investment manager in the UK. The transaction remains subject to a number of conditions including regulatory approval from the FSA. It is anticipated that completion of the deal will take place in early 2010.