Fund manager Schroders has agreed to buy Cazenove Capital for 424 million pounds, a deal that would result in the merger of the two oldest names in the city of London, England.

Cazenove Capital chief executive Andrew Ross said in a statement that the deal, which will create a leading independent private wealth management and banking business, is expected to provide improved opportunities for employees and clients.

Established in 1823, Cazenove became one of the top stockbrokers for London by the 1940s and one of its important clients is Queen Elizabeth II.

Schroders has been active in making acquisitions. In December last year, it reached a deal to acquire U.S.-bsed STW Fixed Income management.