Schroders is nearing a deal to sell its financial planning arm Benchmark Capital to Söderberg & Partners for more than £200mn, part of a strategic pivot toward ultra-high-net-worth clients. The division manages £36.9bn in assets and serves advisers targeting investors with hundreds of thousands of pounds, but the UK asset manager wants to concentrate on clients with millions to invest.

This move follows Schroders' £9.9bn sale to US asset manager Nuveen, approved by shareholders in April. Chief executive Richard Oldfield has been divesting peripheral businesses to cut costs and redirect resources into core asset management. The firm previously exited its Schroders Personal Wealth joint venture with Lloyds Banking Group in October after that venture fell short of becoming a top UK advice firm.

Analysts at Deutsche Numis previously estimated Benchmark could sell for up to £300mn, while Cazenove Capital might fetch £2.4bn. However, Schroders confirmed Cazenove will remain part of the business along with its international wealth management arm.

Söderberg & Partners, backed by private equity firms KKR and TA Associates, operates across Sweden, Norway and the UK with over £100bn in assets under advice. The firm has been acquiring UK financial advisers, including former St James's Place partners, beating Swindon-based The Openwork Partnership to secure Benchmark.