Schroder’s Cazenove Capital business is to acquire London-based UHNW family office Sandaire in a drive to expand its wealth management business globally.

Schroders, which part owns the Schroders Personal Wealth Financial Planning business, says the combination of Cazenove and Sandaire will help Cazenove expand in the Ultra High Net Worth client sector around the world.

The price of the deal has not been revealed.

Sandaire serves about 45 wealthy families and manages about £2.2bn in assets. Cazenove Capital is responsible for £35.6bn  of client assets.

Sandaire was founded by the Scott family in 1996 when Provincial Insurance, the family business founded by Sir James William Scott in 1903, was sold.

Sandaire was established initially to “preserve and grow” the wealth of the family. However under its founder, Alex Scott, it has expanded to provide advice to other multi-generational families of “significant wealth.”

Peter Hall, global head of wealth management at Schroders, said: “This acquisition will create one of the UK’s top multi-family offices and be a springboard for developing an exceptional global service in this space.

“I am delighted that Alex is joining us to help build an outstanding international offering for wealthy families – he brings unparalleled empathy with the opportunities and challenges they face.”

Mary-Anne Daly, chief executive at Cazenove Capital, said: “We believe that the combination of our two businesses will bring significant benefits and enhanced opportunities to clients.”

Sandaire founder Alex Scott said: “Our family has chosen to partner with Schroders in recognition that by combining Sandaire’s specialist expertise in the family office field, Cazenove Capital’s leading position as adviser to families of significant wealth in the UK, and Schroder’s impressive global reach and investment capability, there is the opportunity to deliver a truly distinctive proposition to our family members and fellow clients.”