Multi-family office Stonehage Fleming has completed the acquisition of the business and assets of Rootstock Investment Management (‘Rootstock’), a South African investment firm.
Stonehage Fleming is a privately owned family office with a large geographic footprint, and manages assets through advising and management. They offer wealthy families and wealth creators with long-term strategic planning and investments, as well as day-to-day consulting.
The deal was formerly disclosed on October 21, 2022. As of March 1, 2023, the Stonehage Fleming Global Flexible Fund has succeeded Rootstock’s Worldwide Flexible Fund.
The Global Equity Fund from Rootstock has been combined with the Global Best Ideas Equity Fund from Stonehage Fleming, which is overseen by successful businessman Gerrit Smit in London.
Chris Merry, Stonehage Fleming Group CEO, commented: ”We are pleased to announce the formal completion of our acquisition of Rootstock. 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 bring our differentiated and comprehensive offering to new clients.”
With this deal, the British company will increase its assets under management (AUM) and investment knowledge.
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The Company manages assets worth more than £16.3bn ($20bn) for families, charities, and other organisations, and provides advice on more than £60bn ($75bn) of investments.
Stonehage Fleming Consulting and Stonehage Fleming Legal advised Stonehage Fleming on the acquisition.