The Glenmede Trust Company (Glenmede), an independently-owned private wealth and institutional investment management firm, and independently owned family office Stonehage Fleming have entered into a strategic alliance, effective immediately.
The agreement is aimed at helping both companies expand their respective client offerings and geographical capabilities. Both firms will remain independently managed and privately held.
The relationship will allow Glenmede to offer investment and chartered trust services to clients of Stonehage Fleming in the United States, and allow Stonehage Fleming to deliver international family office, trust and investment services to clients of Glenmede in Europe, the Middle East and Africa.
“Through the formation of this alliance, we will be better positioned to assist our clients with their multi-jurisdictional needs by partnering with a proven and like-minded organisation,” says Gordon Fowler, President and Chief Executive Officer of Glenmede. “Our firms are aligned culturally and philosophically, and our clients will experience an expanded service offering in a seamless manner.”
“This agreement enables us to meet the evolving needs of clients across both firms and enhance the services we provide to wealthy families with complex needs,” says Giuseppe Ciucci, Group CEO of Stonehage Fleming. “Our two firms are a strong strategic fit not only due to our complementary capabilities and geographic footprints, but also because we share the fiduciary heritage and values that place the client at the forefront of everything we do. We look forward to a long and successful alliance.”
Susan Mucciarone, Executive Director of Private Wealth Management at Glenmede, says: “Since our founding, we have been guided by a singular focus to provide clients with tailored investment and wealth management services, without distraction or conflict of interest. Stonehage Fleming is an ideal firm for us to align ourselves with, as they share an equally determined approach to fulfilling their fiduciary responsibilities for multi-jurisdictional families.”
Glenmede and Stonehage Fleming each possess a rich history and ongoing culture of continuous innovation and adaptation, and this agreement formalises a strong existing relationship between the two firms. This alliance is a testament to both firms’ growing need to better serve clients on a global basis.
Mark McMullen, CEO for the Family Office of Stonehage Fleming, adds: “We have a long history of successful overseas alliances, including Jardine Fleming and T Rowe Price Fleming, and believe this will represent an equally fruitful relationship. Compatibility is a key factor behind this agreement, demonstrated already through the engagement of mutual clients to date.”
