Private Equity Firms Bid for Schroders Benchmark Unit
Private equity firms have submitted bids for Schroders' Benchmark Capital unit. The move follows the asset manager's agreed takeover by U.S. rival Nuveen.
A group of private equity firms has submitted initial bids for Benchmark Capital, the financial planning division of SCHRODERS PLC. This development occurs as the United Kingdom-based asset manager moves forward with a £9.9 billion ($13.38 billion) takeover by its United States-based rival, NUVEEN CHURCHILL DIRECT LEND.
According to reports citing City sources, buyout firms Hg, Towerbrook, and Vitruvian Partners have submitted offers for the Benchmark unit. Aquiline Capital Partners, a U.S.-based buyout firm, is also among the interested parties. The divestment follows a vote last week in which Schroders shareholders agreed to the sale of the 222-year-old London firm to Nuveen. The transaction will create a combined entity with $2.5 trillion in assets under management, addressing the pressure on mid-sized asset managers to merge in order to compete with larger rivals.
