Multi-Family Offices Stonehage, Flemings Join Forces; See Further MFO Consolidation

Tom Burroughes

7 November 2014

Two large multi-family offices in the EMEA region, ," he said. "We have spent years at Stonehage building scale and we can offer services in different countries. This will give us enormous scale and enable us to fulfill our ambitions," he added.

Adam Fleming, speaking to WealthBriefing in the same call, said he has known the Stonehage group for long enough to respect its achievements and realise that such a business represented a great fit for FF&P. The family office was created by the family after the old Fleming investment bank was sold in 2000 to Chase Manhattan (now JP Morgan). Since then, it has grown to oversee assets of around £4 billion, he said.

"We have been looking for some time to take things to the next level," he said. "This is not a sellout by the Fleming family."

In a statement from the new entity, the SF&P said its business now includes an investment arm with more than $11 billion under management.

SF&P will have combined revenues of approximately $160 million and employ over 500 staff in 14 offices, across 7 countries, the statement said. The group will be majority-owned by management and staff. The Fleming Family Trust Company, as trustees, remain “important shareholders and clients in the combined business”, the statement said.

The Group will employ around 150 staff in London, with a similar number of staff across its Swiss offices in Zurich, Geneva and Neuchatel, it said.