PRESS: Openwork bids for Schroders advice arm Benchmark - Sky News
Financial advice network the Openwork Partnership is one of the bidders for Schroders PLC’s financial planning unit Benchmark, Sky News reported on Friday.
Openwork, which is backed by buyout firm Bain Capital LP, is one of the three shortlisted bidders for Benchmark, which is expected to cost up to £250 million, Sky News reported.
Soderberg, which is part-owned by Kohlberg Kravis Roberts & Co LP, and Advent International LP are expected to be the other remaining contenders for a deal.
The sale process is being run by Perella Weinberg Partners and comes as Schroders prepares to be absorbed into Chicago-based asset manager Nuveen LLC.
Benchmark has more than £26 billion in assets under administration. It provides financial planning, technology and compliance services to other financial advisers.
London-based financial services firm Schroders first took a stake in Benchmark in 2016 and took full control of the business two years later.
Sky News reported that ‘a string of other private equity firms’ considered bids for Benchmark.
Bain Capital has been contacted for comment by Sky News.
Shares in Schroders were down 0.3% at 583.75 pence around noon on Friday in London.
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