Multi-family office Stonehage Fleming has taken over the private client services business of Maitland, a privately owned global advisory, administration, and family office firm.
Subject to regulatory approval, the Maitland business will transfer to Stonehage Fleming, bringing legal fiduciary, corporate and investment management services capability in nine locations worldwide.
Furthermore, the transaction adds £1bn ($1.37bn) of AuM and £15bn of AuA, taking Stonehage Fleming’s AuM to over £16bn and AuA to over £60bn.
The private client services business will bring further scale to Stonehage Fleming, strengthen key service areas and broaden the range of jurisdictions offered to clients. It will also operate under the Stonehage Fleming brand.
Chris Merry, Stonehage Fleming group CEO, said: “This is an 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 successful families and wealth creators. We have known and admired Maitland’s Private Client Services business for many years and are looking forward to welcoming their management, people and clients to Stonehage Fleming.
“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.”
Steve Georgala, CEO of Maitland, added: “This transaction is a key step in the refinement of Maitland’s services offering which is now dedicated to Fund Services and Management Company Services. 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.”