A US financial outfit is buying a pair of well known European rivals in a deal that the companies say will create the world\u2019s largest multi-family office and one of the most formidable competitors in the Grand Duchy.<\/p>\n
Corient, an American wealth management firm with $214 billion (\u20ac185 billion) in client assets globally, has said<\/a> it would acquire Stonehage Fleming, a multi-family office and corporate services provider, and Stanhope Capital, a wealth management and investment advisory firm. It will be Corient\u2019s first presence outside the US and will roughly double its total client assets.<\/p>\n After the deal closes, Stonehage Fleming and Stanhope Capital will rebrand under the Corient name and become its international operations, according to H\u00e9lie de Cornois, head of the family office division in Luxembourg at Stonehage Fleming.<\/p>\n The \u201ctransaction will create one of the world\u2019s leading independent advisory firms and multi-family offices focused on the holistic needs of ultra and high-net-worth families and wealth creators,\u201d de Cornois told the Luxembourg Times.<\/p>\n What does a family office do?<\/p>\n Family offices<\/a>\u00a0handle the investment and administrative affairs of wealthy individuals and families, often coordinating the services of other professionals such as bankers, lawyers and property managers.<\/p>\n Single family offices are dedicated to and controlled by one high-net-worth family, do not require a separate authorisation from the Grand Duchy\u2019s financial regulator, the\u00a0CSSF<\/a>.<\/p>\n Multi-family offices are external service providers which look after several wealthy families and do require specific authorisation.<\/p>\n In an interview, de Cornois said it would be the world\u2019s largest multi-family office, a claim Corient likewise made in a press release.<\/p>\n The takeover requires regulatory approvals in the 14 jurisdictions where Stonehage Fleming operates, de Cornois said. The firm is not speculating on when the acquisition might be finalised.<\/p>\n The value of the transaction has not been disclosed.<\/p>\n More than 80 staff in Luxembourg<\/p>\n The two European firms have a notable footprint in the Grand Duchy. London-headquartered Stanhope Capital Group merged with Luxembourg-based family office and wealth management advisory Arche in 2023. <\/p>\n Stanhope Capital\u2019s Luxembourg business booked total turnover of \u20ac6 million, including \u20ac1.6 million in family office fees, according to its latest annual financial report.<\/a> The firm posted total net profit of \u20ac1 million and had 20 staff members as of 31 December 2024.<\/p>\n <\/p>\n Also read:What exactly is a family office?<\/p>\n <\/a><\/p>\n Globally, Stonehage Fleming had $29.7 billion in assets under management, as of 30 September 2025, and $175 billion in assets under administration, as of 30 June 2025, de Cornois said.<\/p>\n Stonehage Fleming is headquartered in Jersey and has been operating in the Grand Duchy since 2011.<\/p>\n In the year to 31 March 2024, Stonehage Fleming\u2019s Luxembourg business booked total net turnover of \u20ac7.3 million and posted<\/a> a \u20ac1.3 million loss for the accounting year, including a \u20ac1 million write-down in assets.<\/p>\n Stonehage Fleming picked up a sizable amount of business when it acquired Maitland Luxembourg\u2019s family office portfolio in 2022. It grew from seven employees five years ago to 62 this month, de Cornois stated.<\/p>\n Luxembourg family office business<\/p>\n \u201cThis is an extraordinary opportunity to create the world\u2019s largest non-bank wealth management firm and multi-family office focused on high-net-worth and ultra-high-net-worth clients,\u201d said de Cornois, speaking about the Corient acquisition with the Luxembourg press for the first time.<\/p>\n High-net-worth-individuals typically have a minimum of \u20ac1 million in liquid assets and ultra-high-net-worth clients generally have at least \u20ac30 million in investable assets.<\/p>\n De Cornois said Corient was a cultural fit with Stonehage Fleming and the deal \u201cmaintains the alignment of interests with the clients we serve.\u201d<\/p>\n Corient said in the press release that it would extend its \u201cprivate partnership model\u201d and after the integration \u201cmore than 300\u201d equity partners would \u201cown and operate the firm.\u201d<\/p>\n