Stonehage Fleming has agreed to acquire the investment management activities of Cavendish Asset Management, a London based firm established initially to manage the Lewis family’s assets that expanded to look after institutional and professional clients including a number of ultra-high-net-worth individuals (UHNWI) and families. As part of the acquisition, Stonehage Fleming Investment Management will take over the management of all client portfolios and Cavendish’s range of four OEIC funds: the Cavendish International Fund, Opportunities Fund, AIM Fund, and Balanced Income Fund. The funds will be rebranded under Stonehage Fleming and will sit alongside its existing range of collective vehicles.
Four members of the Cavendish senior fund management team will transfer to Stonehage Fleming and continue to manage these funds. All Cavendish clients and assets, representing circa GBP1 billion, are expected to transfer to Stonehage Fleming’s management on completion of the transaction, likely to be on 1st August.
Julian Lewis, currently CIO of Cavendish, will join Graham Wainer, CEO and head of investments at Stonehage Fleming, as co-chair of an investment committee which will be established to oversee the management of the Cavendish client families’ assets.
Chris Merry, Stonehage Fleming group CEO, comments: “Notwithstanding the extraordinary environment, this is an important and 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 wealthy families with complex needs. We have worked hard to build a relationship with Cavendish and its clients over many months, and are very much looking forward to them joining us at Stonehage Fleming.”
Wainer, CEO and head of investments at Stonehage Fleming, adds: “The families served by Cavendish have taken a positive decision to work with Stonehage Fleming as their investment advisor based on our broad proposition for families, the quality of our investment offering, and the strong cultural fit with our firm. We warmly welcome the Cavendish team and their clients.”
Lewis, CIO of Cavendish, says: “Stonehage Fleming is a highly successful firm with an outstanding, award-winning proposition and a client-centric approach, and will provide an excellent home for our clients and our people. The team and I look forward to joining our new colleagues”.
Stonehage Fleming was advised on the transaction by Stonehage Fleming Corporate Finance, and Ashcombe Advisers were advisers to Cavendish Asset Management.