Openwork Partnership joins suitors for Schroders' Benchmark - report

(Sharecast News) - The Openwork Partnership has reportedly joined a pack of suitors circling Schroders' financial planning unit, Benchmark. According to Sky News, the financial advice network - which is backed by buyout firm Bain Capital - is one of three shortlisted bidders for Benchmark, which is expected to command a price tag of up to £250m.

Soderberg, which is part-owned by KKR, and Advent International are thought to be the other remaining contenders for a deal, Sky said.

The sale process, which is being run by Perella Weinberg Partners, comes as Schroders prepares to be absorbed into Nuveen, the American asset management group.

Benchmark, which was established in 1993 under the name Ian Cooke & Partners, now has more than £26bn in assets under administration across its operations and employs hundreds of people. As well as financial planning, it provides technology and compliance services to other financial advisers.

Schroders, which initially took a stake in Benchmark in 2016, took full control of the business two years later.

Sky said a string of other private equity firms also examined offers for the business.