Key Takeaways
- • Schroders is divesting Benchmark Capital to Sweden-based Söderberg & Partners for more than £200 million (with reports indicating £270 million in some sources), representing a strategic shift toward ultra-high-net-worth clients.
- • Benchmark Capital, which manages £36.9 billion in assets under management and serves financial advisers with mid-market clients holding hundreds of thousands of pounds in investable assets, will be transferred to Söderberg, which is backed by private equity firms KKR and TA Associates.
- • The sale follows Schroders' £9.9 billion takeover by US asset manager Nuveen (approved by shareholders at 99.92% in April 2026) and reflects CEO Richard Oldfield's strategy to exit non-core operations and concentrate resources on affluent wealth management through Cazenove Capital (£83.8 billion AUM) and international wealth operations.
- • Söderberg & Partners defeated rival bidder The Openwork Partnership for the transaction, strengthening the Swedish firm's position in the broader wealth management and advice sector.
- • The divestiture follows Schroders' October 2025 exit from its Schroders Personal Wealth joint venture with Lloyds Banking Group, consolidating the company's retreat from mid-market financial planning toward premium wealth management.
Summary
Schroders has agreed to sell Benchmark Capital, its financial planning business, to Söderberg & Partners for more than £200 million as part of a broader strategic realignment following its pending acquisition by Nuveen. According to multiple sources, the transaction values the business at approximately £270 million, with the deal representing a decisive shift in Schroders' wealth management focus toward ultra-high-net-worth clients rather than mass-affluent advisers.
Benchmark Capital manages £36.9 billion in assets under management and primarily serves financial advisers whose clients typically hold hundreds of thousands of pounds in investable assets. The sale transfers this mid-market business to Söderberg & Partners, a Sweden-based wealth management, insurance, and employee benefits provider backed by leading private equity investors KKR and TA Associates. Söderberg emerged victorious over competing bidder The Openwork Partnership in the auction process.
The transaction aligns with CEO Richard Oldfield's strategic repositioning of Schroders following the company's £9.9 billion agreement to be acquired by US asset manager Nuveen, which was overwhelmingly approved by shareholders in April 2026 with 99.92% voting in favor. Under this new ownership structure, Schroders is systematically divesting peripheral operations to streamline operations and redirect capital toward core wealth management for affluent clients. Post-transaction, Schroders' wealth management division will comprise Cazenove Capital, which oversees £83.8 billion in assets under management, alongside its international wealth business. Notably, Nuveen and Schroders confirmed in their stock exchange announcement that Cazenove and the existing wealth management business would be retained as part of their growth strategy.
The Benchmark Capital divestiture follows Schroders' October 2025 exit from Schroders Personal Wealth, its joint venture with Lloyds Banking Group, further cementing the company's retreat from retail and mid-market financial planning. This series of moves reflects a deliberate strategy to concentrate on premium wealth management segments while reducing operational complexity ahead of integration under Nuveen ownership.
Benchmark Capital manages £36.9 billion in assets under management and primarily serves financial advisers whose clients typically hold hundreds of thousands of pounds in investable assets. The sale transfers this mid-market business to Söderberg & Partners, a Sweden-based wealth management, insurance, and employee benefits provider backed by leading private equity investors KKR and TA Associates. Söderberg emerged victorious over competing bidder The Openwork Partnership in the auction process.
The transaction aligns with CEO Richard Oldfield's strategic repositioning of Schroders following the company's £9.9 billion agreement to be acquired by US asset manager Nuveen, which was overwhelmingly approved by shareholders in April 2026 with 99.92% voting in favor. Under this new ownership structure, Schroders is systematically divesting peripheral operations to streamline operations and redirect capital toward core wealth management for affluent clients. Post-transaction, Schroders' wealth management division will comprise Cazenove Capital, which oversees £83.8 billion in assets under management, alongside its international wealth business. Notably, Nuveen and Schroders confirmed in their stock exchange announcement that Cazenove and the existing wealth management business would be retained as part of their growth strategy.
The Benchmark Capital divestiture follows Schroders' October 2025 exit from Schroders Personal Wealth, its joint venture with Lloyds Banking Group, further cementing the company's retreat from retail and mid-market financial planning. This series of moves reflects a deliberate strategy to concentrate on premium wealth management segments while reducing operational complexity ahead of integration under Nuveen ownership.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.