Stonehage Fleming is to acquire the private client services business of advisory, administration and family office firm Maitland.
On completion of the transaction, which is subject to regulatory approval in a number of jurisdictions, the business will transfer to Stonehage Fleming, bringing legal, fiduciary, corporate and investment management services capability in nine locations worldwide.
The transaction will add £1bn of assets under management (AUM) and £15bn of assets under administration (AUA) to Stonehage Fleming, taking its AUM to more than £16bn and AUA to more than £60bn.
Maitland’s 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 be combined with and operate under the Stonehage Fleming brand.
Three members of Maitland Group’s management team will join Stonehage Fleming, including Deputy CEO Herman Troskie, who will lead a new corporate, legal and tax advisory services division at Stonehage Fleming and join the group’s executive committee.
Chris Merry (pictured), Stonehage Fleming Group's CEO, commented: “Making selected acquisitions to enhance our proposition and increase our scale is part of our strategic plan. We will continue to look for more opportunities to complement our business and bring our offering to new clients.”
Stonehage Fleming was advised on the transaction by Stonehage Fleming Corporate Finance.