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Schroders Opens Its Doors To Europe's Wealthy

Robert Lee, Tax-news.com, London

14 November 2000

Asset management group Schroders yesterday launched its new private bank for wealthy customers into the UK market, and already plans to expand into Europe, targeting clients in Germany, Italy, Spain and France. Schroders said it is aiming at customers with "complex financial needs" by virtue of the amount of money they have. Schroders, one of the most venerable names in London's financial world, said it would seek to grow market share by capitalising on its status as a world leader in asset management. Including Swiss and Channel Islands banks, its private banking operations manage seven billion pounds around the world.

Andrew Sykes, chairman of Schroders & Co, commented: 'The private banking market is growing rapidly particularly in continental Europe where Schroders already has a strong franchise. We are well placed to benefit from the growing demand for bespoke private banking operations and the increasing emphasis on a sophisticated global approach to personal asset management.'

Schroders & Co will handle all of Schroders' private client activities in the UK. The new private bank will be capitalised at £80m ($114m), with £4bn of assets under management and 3,300 customer deposit accounts representing balances of £465m. Unlike some private banks, Schroder & Co is going above the mass affluent market to Europe's "super-rich" ie those with disposable assets of more than £250,000. Its private client business is currently dominated by UK clients.

Schroders is also seeking regulatory approval in Austria for a joint venture with Vienna Capital Partners to provide asset management and other services to wealthy customers in Austria and eastern Europe. This will be launched early next year.

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