Message from Alexander Hoare

October 2016
Alexander Hoare

After much thought we have entered into a conditional agreement to transfer our wealth management business to Cazenove Capital Management. This will take effect from mid-February 2017, subject to various conditions being satisfied.

We are very proud of the business which our wealth management team have built up over the last few years and are keen for it to continue to flourish, providing excellent service to customers while meeting the requirements of the regulators and new challenges of technology.  To do this will require growing scale and investment which we believe will best be achieved as part of a larger and deeply experienced wealth management business, backed by the resources required to grow.

We have chosen Cazenove Capital Management because our firms share established heritages and similar cultures with the same dedication to customer service.  As a fully owned subsidiary of Schroders, Cazenove Capital Management provides the strength of a FTSE 100 company, the stability of significant family ownership as well as the investment engine of a leading global asset management group.

We are acutely conscious of the importance of this decision and of the need to make sure the requirements of our wealth management customers continue to be met and that they are happy with these new arrangements.  We are committed to ensuring that the transfer is as seamless as possible and there is no interruption in service. We anticipate all our wealth portfolio managers will move to Cazenove Capital Management and the same person will continue to look after our customers investments.  We expect Cazenove Capital management to be the preferred supplier of wealth management services to our banking customers and see this as part of the new arrangements.

Our wealth management customers will of course be able to keep their existing banking arrangements with us.  One benefit of this transaction is that it will allow us to concentrate on the core business of banking to ensure we continue to offer a top banking service as we have done for many years.

Further communication to all our wealth customers will follow.