Discretionary boosts Cazenove’s assets to record high

Strong inflows into its financial adviser discretionary business have pushed Cazenove Capital Management’s assets under management (AUM) to a record high at the end of 2012.

The firm saw a 15 per cent increase in total AUM in 2012, reaching £17.2bn by the end of the year.

The wealth management business grew by 10 per cent to pass £12bn for the first time thanks to an 18 per cent increase in its discretionary business to IFAs.

Article continues after advert

Mary-Anne Daly, head of wealth management at Cazenove Capital, said that the discretionary business would continue to be a key focus for the firm in 2013 and beyond.

However, the biggest growth was in the retail funds business, which grew by 35 per cent to £5.2bn, helped by a 68 per cent growth in its multi-manager funds.

Cazenove’s chief executive, Andrew Ross, said that the positive approach that the firm had taken to the markets last year, such as an early rotation into cyclical equities and a preference for corporate and high yield bonds ahead of gilts, had been rewarded thanks to the market rally in the second half of the year.