British multi-family office Stonehage Fleming has finalised a deal to acquire the business and assets of Rootstock Investment Management, a South Africa-based investment firm.

The deal covers the purchase of all the operating activities of Rootstock including Rootstock SCI Worldwide Flexible Fund and Rootstock Global Equity UCITS Fund.

The deal is expected to boost the British firm’s assets under management (AUM) and its expertise in the field of investment. 

Under the deal, which is subject to receipt of necessary approval, Rootstock Global Equity UCITS Fund will be merged with Stonehage Fleming’s Global Best Ideas equity fund.

The fund is managed by Stonehage Fleming Global Equity Management head Gerrit Smit.  

On the other hand, Rootstock SCI Worldwide Flexible Fund will be rebranded as Stonehage Fleming SCI Worldwide Flexible Fund.

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The renamed fund will be handled by Johan Barkhuysen, who will report to Gerrit in London.

On completion of the transaction process, Rootstock founder Thys du Toit will serve as a partner for Stonehage Fleming.

Stonehage Fleming Group CEO Chris Merry said: “We have known Rootstock for many years and are confident of the cultural fit between the firms, already sharing a number of clients.

“This transaction continues our strategy of supplementing organic growth through select acquisitions and we will continue to look for companies which share Stonehage Fleming’s values and culture, as we have already demonstrated to positive effect with Cavendish in 2020, and Maitland in 2022.”

Rootstock Investment Management founder Thys du Toit said: “Stonehage Fleming and Rootstock’s similar culture, core values and investment philosophy could not be better if by design. “Stonehage Fleming is a firm whose investment acumen Rootstock holds in high regard and many of Rootstock’s clients already know and value Stonehage Fleming and Gerrit Smit, a respected industry leader.”