London-based wealth management business Cazenove Capital Management has acquired rival Thornhill Holdings for an undisclosed sum. 

London-based wealth management business Cazenove Capital Management has acquired rival Thornhill Holdings for an undisclosed sum.

Thornhill provides wealth services for private clients and charities from its offices in London and Edinburgh. The firm’s Scottish business was acquired from fund manager Martin Currie in 2003.

Sandy Dudgeon, managing director of Thornhill, said: ‘Like us, Cazenove Capital is a privately owned and independent business where the management of private clients and charities is the largest area of the business. In addition, Cazenove Capital possesses a highly respected investment management team which will allow us to strengthen [our] investment offering.’

The deal will add over £600 million of assets under management for Cazenove Capital, bringing the total amount managed on behalf of clients to £14 billion.