Independent multi-family offices Stonehage Fleming and Glenmede Trust Company have signed a strategic alliance to expand their respective client offerings.
Under the alliance, Glenmede clients in Europe, the Middle East and Africa will gain access to Stonehage Fleming’s family office, trust, and investment services.
On the other hand, the agreement will enable Stonehage Fleming’s US customers to avail Glenmede’s investment and corporate trust services.
Stonehage Fleming group CEO Giuseppe Ciucci said: “This agreement enables us to meet the evolving needs of clients across both firms and enhance the services we provide to wealthy families with complex needs.
“Our two firms are a strong strategic fit not only due to our complementary capabilities and geographic footprints, but also because we share the fiduciary heritage and values that place the client at the forefront of everything we do.”
The firms will continue to be privately held and also retain their operational independence.
Glenmede president and CEO Gordon Fowler said: “Through the formation of this alliance, we will be better positioned to assist our clients with their multi-jurisdictional needs by partnering with a proven and like-minded organisation.”
Glenmede has offices located in Pennsylvania, which serves as its base, as well as in New York, Washington DC, Florida, Delaware, Ohio and New Jersey. The firm oversees $40bn in assets for HNWIs, family offices, endowment, foundation and institutional clients.
Stonehage Fleming has a workforce of more than 540 across 11 offices. The London-based business advises on more than $55bn of assets.