It was all there apart from one tiny detail. Announcing the takeover of Schroders Plc, US insurer Nuveen was silent on Cazenove Capital, the wealth-management business that’s arguably the UK fund manager’s star asset. Cazenove is a resonant name in the City of London. Not mentioning it seemed awfully bad manners — especially when the Americans were falling over themselves to big up the Schroders brand.
How Nuveen handles the Cazenove piece of its historic £10 billion ($14 billion) purchase will make a difference to the outcome. Nuveen Chief Executive Officer William Huffman talked a lot about opportunities in wealth management. The reticence toward specifically acknowledging Cazenove begs some questions. Does Nuveen not appreciate what it has acquired? Or is it taking a consciously nuanced stance ahead of a potential onward sale?
Is Cazenove No Longer a Finance Name to Be Proud Of?
