Britain’s fund manager Schroders has said it is buying competitor Cazenove Capital in a deal that will create one of the UK's largest private banking and wealth management houses.

Established in 1823, Cazenove is reported to have counted Britain’s Queen Elizabeth II among its clients over the years. Schroders dates back to 1804.

"In combining with Schroders we will create a pre-eminent independent private banking and charities business in the UK, with a broader capability covering investment management, financial planning, deposit taking and lending services,” said Andrew Ross, chief executive of Cazenove and the company’s biggest shareholder.

The deal creates a bonanza for the 1,200 past and present employees of Cazenove who own 95 percent of the fund management firm, Britain’s Guardian newspaper reports.

Ross, who holds 4,592,000 ordinary shares, 2.7 percent of the total, could be in line for a windfall of £6,199,200, according to the Guardian.

Schroders, which reports £212 billion in assets under management, currently employs more than 2,600 people worldwide operating from 36 offices in 26 different countries across Europe, the Americas and Asia Pacific.

Cazenove reports £11.2 billion in assets under management.

Schroders has developed under stable ownership for more than 200 years -- making every effort to widen its pool of potential employees by using direct recruitment techniques.

Vacancies are posted on the company’s website www.schroders.com as well as being present on a number of recruitment websites including wherewomenwork.com.

The aim is to make vacancies accessible to a diverse population and open to a wide market, Schroders says.

Hiring a range of candidates from graduates to experienced workers, Schroders is a progressive employer offering employees real opportunity for professional growth.

“We make a virtue of diversity and we value the perspectives, experience and ideas that different people can bring,” Schroders says.

“We expect individuals to strive to exceed expectations, show unswerving commitment to our clients and challenge the conventional wisdom to deliver outstanding results".