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Stonehage and FF&P to combine


Stonehage and Fleming Family & Partners (FF&P) are to combine to form an EMEA multi-family office (MFO) group, to be called Stonehage Fleming Family and Partners (SF&P).

SF&P will offer a range of intergenerational wealth management services for UK and international families.
The group will be the largest independent multi-family office business in the EMEA region. The combined business will serve a client base of over 250 families of wealth, and will manage, advise, and/or administer over USD43 billion (circa GBP27 billion) of assets. This will include an investment business with more than USD11 billion (circa GBP7 billion) under management for families and charities. SF&P will have combined revenues of approximately USD160 million (circa GBP100 million), and employ over 500 staff in 14 offices, across seven countries.
The group will be majority owned by management and staff, with its business strategy aligned to the long-term horizons and interests of its client families. These will include the Fleming Family Trust Company, who as trustees will remain important shareholders and clients in the combined business.
The international family office proposition of Stonehage will be enhanced by the addition of FF&P’s investment management, private equity, corporate advisory and UK wealth planning capabilities.
SF&P’s presence in London and Switzerland means it will be strongly positioned to serve clients with requirements which transcend borders and generations. The group will employ around 150 staff in London, with a similar number of staff across its Swiss offices in Zurich, Geneva and Neuchatel.
FF&P’s shareholders will exchange their shares for a holding in the combined business through a Scheme of Arrangement. The transaction has been approved by both boards and is subject to shareholder and regulatory approval.
SF&P will be led by Giuseppe Ciucci, current chief executive of Stonehage Group, as chief executive of the group. Adam Fleming, chairman of FF&P, and Mark Davies, CEO, will join the SF&P board together with Lord Renwick, presently the FF&P deputy chairman.
Ciucci says: “The families we serve are invariably wealth creators – entrepreneurs and industrialists who have brought great benefit to the economies in which they operate. Our role, simply put, is to protect and preserve the wealth they have created by acting as their trusted adviser, fiduciary and investment manager, and never has this role been more vital.
“Having developed a very positive relationship with FF&P over the last few years, we believe that merging our activities is a genuinely unique opportunity. The group will create a new category of advisory firm, one to which families can turn to access an extraordinary depth of talent, experience and insight across a multiplicity of disciplines. We see substantial and immediate benefits to clients of both businesses from increased scale, which will allow us to attract and retain the brightest talent, and from an even more broadly cast range of specialist experience. ”

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