Multi-family office Stonehage Fleming has agreed to take over the investment management operations of Cavendish Asset Management.

Financial terms of the deal were not disclosed.

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The acquisition includes the transfer of all Cavendish client portfolios worth £1bn to Stonehage Fleming Investment Management (SFIM).

SFIM will assume the management of Cavendish’s four OEIC funds, which will adopt the Stonehage Fleming brand.

These funds include the Cavendish International Fund, Opportunities Fund, AIM Fund, as well as the Balanced Income Fund.

Stonehage Fleming will also absorb four Cavendish senior fund management team members, who will run these strategies.

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Moreover, an Investment Committee will be set up to manage the assets of Cavendish client families.

Cavendish CIO Julian Lewis will become co-chair of that committee, sharing the responsibility with Stonehage Fleming CEO and head of Investments Graham Wainer.

The deal is expected to wrap up on 1 August 2020.

Stonehage Fleming Group CEO Chris Merry said: “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 their joining us at Stonehage Fleming.”

Headquartered in London, Cavendish was originally set up to oversee the assets of the Lewis family.

The firm later expanded its oversight to serve institutional and professional clients including UHNWIs and families.