Schroders is advancing a sale process for Benchmark Capital, its UK financial planning arm. Sky News reported on June 5 that Openwork Partnership, backed by Bain Capital, Söderberg, part-owned by KKR, and Advent International had been shortlisted in an auction expected to value the business at up to £250 million.
Perella Weinberg Partners is running the process. Benchmark provides financial planning, technology and compliance services to advisers, and the June 5 report described it as having more than £26 billion of assets in administration.
Reuters reported in April that initial offers had been submitted by Hg, TowerBrook and Vitruvian Partners, with Aquiline Capital Partners also among interested parties. Reuters also said Benchmark had £38.6 billion of assets under management as of Dec. 31, 2025, according to Schroders' first-quarter trading update.
Schroders first took a stake in Benchmark in 2016 and bought the remaining minority interest in 2021. The sale process is taking place while Schroders is progressing with its agreed £9.9 billion takeover by Nuveen.