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Corient, the US private wealth manager, has agreed to purchase two UK rivals, Stonehage Fleming and Stanhope Capital Group, in a move that continues a global trend for consolidation in the sector.
The deal, for an undisclosed sum, will make Miami-based Corient the world’s largest non-bank wealth manager with about $430bn assets under management, the companies said in a statement on Tuesday.
“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,” said Kurt MacAlpine, partner and chief executive of Corient.
The sale comes as the wealth management industry continues a decade-long consolidation. The private equity owners of Evelyn Partners, one of the UK’s largest wealth managers, are planning to sell the business, the Financial Times has reported.
Corient, which was founded in 2020 and focused on the US, will expand into Europe, the Middle East and Africa with the deals for Stanhope and Stonehage, which are both based in London.
The company will operate as Corient following the deal. Giuseppe Ciucci, executive chair of Stonehage Fleming, will become partner and chair of the enlarged business, while Daniel Pinto, Stanhope’s founder, will become chief executive of Corient’s international business.
Caledonia Investments, the London-listed investment trust, said it expected to receive about £288mn in cash, net of transaction expenses, from the sale of its 37 per cent stake in Stonehage Fleming.
The deal is expected to close in the first half of next year. Further terms were not disclosed.