Mega-multifamily offices Glenmede and London-based Stonehage Fleming tie the knot

Mega-multifamily offices Glenmede and London-based Stonehage Fleming tie the knot
Transatlantic deal will benefit rich U.S. clients with multijurisdictional relationships.
NOV 14, 2018

Two of the world's biggest multifamily offices are forming an alliance. Glenmede, based in Philadelphia, and London-based Stonehage Fleming struck a deal to offer investment, trust and family office services to each other's clients on their respective sides of the Atlantic. The tie-up will allow them to better cater to customers outside of their home markets by sharing tax, investment and trust company services, the companies said in a statement. (More:High times for ultra-high-net-worth families) "It isn't about one person having a relationship with one family," said Mark McMullen, chief executive officer of Stonehage Fleming's family office division. "It's about trying to build a team of people to take care of them across the world." Independent advisers have been racing to build market share as rich families look beyond private banks for investment and wealth planning advice. Glenmede, initially founded to invest the assets of the Pew Memorial Trust, oversees $40 billion for almost 2,000 families. Stonehage Fleming traces its roots to Scottish financier Robert Fleming, also the grandfather of James Bond novelist Ian Fleming. It was formed in 2014 from a merger between competing advisers, Stonehage and Fleming Family Partners, and advises on $55 billion. (More: Carlyle's David Rubenstein starts family office) "We're finding more and more American clients and more and more American residents with multijurisdictional relationships, where they need help with not only matters in this country but also with matters outside the U.S.," Glenmede Chief Executive Gordon Fowler said in an interview. Both firms will remain independently managed.

Latest News

Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney
Federal judge dismisses Eltek manipulation lawsuit against Morgan Stanley Smith Barney

Nine-month electronic trading freeze and share lending program at the center of dismissed claim.

RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone
RIA wrap: Dynamic strikes South Carolina deal to reach $7B AUM milestone

Meanwhile, Rossby Financial's leadership buildout rolls on with a new COO appointment as Balefire Wealth welcomes a distinguished retirement specialist to its national network.

Rethinking diversification amid a concentrated S&P 500
Rethinking diversification amid a concentrated S&P 500

With a smaller group of companies driving stock market performance, advisors must work more intentionally to manage concentration risks within client portfolios.

Merrill pays second settlement to former Miami Dolphins player, client of ex-broker
Merrill pays second settlement to former Miami Dolphins player, client of ex-broker

Professional athletes are often targets of scam artists and are particularly vulnerable to fraud.

Schwab touts AI as its biggest growth lever at investor day
Schwab touts AI as its biggest growth lever at investor day

The brokerage giant tells Wall Street it will use artificial intelligence to reach clients it has never been able to serve — and turn the technology's perceived threat into a competitive edge.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline