Stonehage Fleming, the pedigreed multi-family office which still counts members of the Fleming family among its leadership, and Daniel Pinto’s Stanhope Capital are to be acquired by Miami-based Corient, one of the largest and fastest-growing wealth advisory firms in the US.
The brace of acquisitions will create an independent firm with $430 billion AuM, which Corient describes as the largest independent wealth adviser in the world.
A Proud History
Stonehage Fleming, which today has its headquarters on London’s St James’s Square, can trace its roots back to the 1873 founding of a merchant bank in Dundee, by Robert Fleming. Other members of the clan to have worked at the firm include James Bond author Ian Fleming and present-day partner Matthew Fleming, a former England cricketer who also captained Kent.
The firm that exists today was created thanks to a 2014 merger of multi-family office FF&P (which served members of the Fleming family and other wealthy families) and South African firm Stonehage.
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Stonehage Fleming today advises many of the world’s leading families and wealth creators, with offices in 14 jurisdictions.
Acquision Details
While the full terms of the transaction were not disclosed, Caledonia Investments sold its 36.7% stake in Stonehage Fleming for up to £288 million, implying a total valuation of around £850 million for the multi-family office.
Under the deal, Caledonia will receive £251 million upfront, with a further £37 million potentially payable within 6–12 months of completion. An additional £9 million may be paid if Stonehage Fleming achieves specified revenue growth targets over the following three years.
The sale represents a substantial return on Caledonia’s original £90 million investment in 2019, while staff and management—who collectively own more than 50% of the firm—are also expected to receive significant payouts.
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See also: Stonehage Fleming on 150 years of managing wealth.
Stanhope Capital, founded in 2004 by Daniel Pinto, has grown into one of Europe’s largest independent wealth management and advisory firms.
The acquisition of both firms will bring in more than $214 billion in client assets and expand Corient’s global platform significantly, establishing a presence in Europe, the Middle East, and Africa.
A Landmark Partnership Across Continents
‘With this expansion, Corient becomes the world’s largest independent advisory firm focused on the holistic needs of ultra-high-net-worth and high-net-worth clients,’ said Kurt MacAlpine, Partner and Chief Executive Officer of Corient.
‘This combination of three storied firms creates a truly global wealth manager and multi-family office with formidable resources and deep expertise in serving the world’s wealthiest individuals and families. By integrating the strengths of each organisation, Corient will be able to deliver seamless, end-to-end service to clients anywhere in the world—in a way that does not exist today,’ MacAlpine added.
Giuseppe Ciucci, executive chairman of Stonehage Fleming, cited the firm’s distinguished past and its connection to the Fleming family: ‘This next chapter enables us to remain true to our history while expanding our reach and impact for clients.’
Daniel Pinto, CEO and founding partner of Stanhope Capital, said: ‘Stonehage Fleming and Stanhope have known each other well for many years; our relationship is characterised by mutual respect and cultural compatibility, and we have a number of valued clients in common.’
Corient was described in a press release as a fiduciary, fee-only wealth management firm recognised for its distinctive private partnership structure.
Founded in 2020, the firm has expanded rapidly, now boasting more than 260 partners and over 1,300 employees who oversee approximately $216 billion for ultra-high-net-worth and high-net-worth individuals, families, and businesses nationwide.
The deal is expected to close in the first half of next year. The combined group will operate under the Corient name, with redundancies anticipated in the London office. Ciucci is set to become partner and chair, while Pinto will take on the role of chief executive of Corient’s international business.
