Cazenove Capital builds up European operations

Cazenove Capital Management is gradually expanding its European reach with new hirings and product launches.

Head of Wealth Management Mary-Anne Daly said the firm, with some £15.9bn assets (at end February 2012) under management, has developed a strong European business through its name and brand, attracting Continental European clients to its main base in London. But she is now looking at new opportunities in Europe itself.

The firm specialises in three key areas: UK and European equities, Fixed income and Multi-manager funds. “We don’t do a lot of marketing around Europe because we find most clients are happy to come here,” she said. “But some of our recent additions reflect a new business direction. We are increasingly interested in Europe, although keeping to our historical strengths in terms of location and asset management.”

Cazenove has been a recognised name in the region for nearly 200 years, with the investment bank supporting bases in Milan, Frankfurt and Paris. In 1988 the asset management business was incorporated separately, and in 2001 Cazenove changed from a partnership to a corporate. Four years later the fund management arm demerged to stand alone as Cazenove Capital Management.

Daly said the firm’s private client model had worked extremely well and there would be no fundamental business structure changes, but there is capacity to grow from its present size. London remains the firm’s base, and first stop for many clients because of the ease of access to the widest spectrum of asset classes and expertise.

Among recent hires, James Gladstone was appointed Director, Financial Planning in February, joining from UBS Wealth Management. In July last year Euan Dangerfield was brought in to head the private wealth management team in Jersey. He was previously managing director at highly regarded Asset Risk Consultants (ARC), and has been charged with growing the Jersey business and marketing Cazenove Capital’s wealth management services.

The focus on Jersey is a result of regulatory changes. “A lot of trust companies need to be serviced better, as financial planning is more relevant for them. With recent non domicile rules in the UK we had to rethink, and look at things in a different way,” said Daly, whose Wealth division represents some 75% of the firm’s assets under management.

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