The MFO says eyes are on other "selected acquisitions" as part of organic growth. This deal should net the firm wider jurisdictional access, and Maitland's deputy CEO moves over to lead a new tax advisory division.
In further wealth industry consolidation, international family office Stonehage Fleming has agreed to acquire global advisory firm Maitland’s private client business. The deal will add £1 billion ($1.37 billion) in assets managed and £15 billion in assets administered to Stonehage. The combined entity will operate under the Stonehage Fleming brand.
The transfer of Maitland’s private client business will bring additional legal, fiduciary, corporate and investment management capacity across nine locations and take Stonehage Fleming’s assets under administration to £60 billion.
Three members of Maitland’s management team will join Stonehage as part of the deal, including Herman Troskie, currently deputy CEO, who will head a new corporate, legal and tax advisory division at Stonehage Fleming and join the group’s executive committee.
“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,” Stonehage Fleming group CEO Chris Merry, said.
Privately held Maitland, founded in Luxembourg, operates from eight jurisdictions offering legal, tax, fiduciary, investment and fund administration services to private, corporate and institutional clients.
Maitland CEO Steve Georgala said the transaction was key to refining Maitland’s services offering, which is now dedicated to fund services and management company services, he said.
“Such a transaction has been under consideration for some time and Stonehage Fleming has always been our preferred partner. We are confident that this acquisition will provide an excellent home for both our clients and our people who will thrive within a highly regarded global firm focused on the needs of private clients.”
Stonehage Fleming was advised on the transaction by its own corporate finance division.
The group provides a range of planning and investments services and is around 50 per cent owned by management and staff. It has made a raft of hires in recent months following Bev Stewart’s arrival in November as director of the Jersey Family Office division, where the MFO is based. Stewart relocated from Johannesburg, where she worked in finance including five years at Barclays Investment Bank in South Africa.
This news service interviewed Stonehage Fleming on its views about risk management in late November last year.