Stonehage Fleming has acquired the private client services business of global advisory firm Maitland for an undisclosed sum.
On completion, Maitland will transfer its legal, fiduciary, corporate and investment management services capabilities across nine locations around the world to the multi-family office.
The private client services business will be combined with and operate under the Stonehage Fleming brand.
Three members of Maitland Group’s management team will join Stonehage Fleming, including Maitland deputy chief executive Herman Troskie who will head up the corporate, legal and tax advisory division at the family office and join its executive committee.
The acquisition adds £1bn of assets under management and £15bn of assets under administration to Stonehage Fleming, bringing its total AuM to over £16bn and AuA to over £60bn ($82bn, €70bn).
The deal is subject to regulatory approval in various jurisdictions around the world.
Acquisitions
Chris Merry, Stonehage Fleming group chief executive, said: “This is an exciting time for Stonehage Fleming; we have the scale, the range of services and practical wisdom developed over many years to be the partner of choice for successful families and wealth creators.
“We have known and admired Maitland’s private client services business for many years and are looking forward to welcoming their management, people and clients to Stonehage Fleming.
“For Stonehage Fleming, making selected acquisitions to enhance our proposition and increase our scale as a complement to organic growth is part of our strategic plan. We will continue to look for more opportunities to complement our existing business and bring our differentiated and comprehensive offering to new clients.”
