Rumor confirmed: Corient expands with European acquisition

Corient has put an end to days of speculation by confirming it has struck a deal to acquire Letus Private Office, an independent multi-family office in Paris that serves entrepreneurs and ultra-wealthy families across France and Europe.

The Miami-based firm had been the subject of unconfirmed reporting late last week suggesting a French acquisition was imminent, but neither Corient nor Letus would comment at the time. That changed early Tuesday with an official announcement confirming the transaction, which remains subject to closing conditions.

Letus was established in 2016 and is run by managing partners Anice Chlagou, Stephen Lasry and Alexandre Tsouli, alongside partner Sacha Levy. The firm oversees roughly €4.1 billion, or about $5 billion, on behalf of clients.

Complex assets

Beyond core investment management and estate planning, Letus has built a reputation for handling complicated asset structures tied to real estate, art, hotels, vineyards, farms, aircraft and yachts, offering project management support alongside financial and legal guidance.

Once the deal closes, Letus principals will join Corient's partnership structure, a model the firm describes as central to how it operates.

"Letus has built a dynamic and entrepreneurial firm that is redefining what exceptional family office service looks like for successful families and business owners," said Kurt MacAlpine, founding partner and chief executive officer of Corient. "Their talented team and deep relationships in the French market make them a perfect fit for our partnership. We are excited to welcome them to Corient."

Alexandre Tsouli framed the move as a natural extension of what Letus set out to build nearly a decade ago.

"Since our founding, our goal has been to build a different kind of family office – one that combines deep expertise with a highly personal approach to serving clients," Tsouli said. "With Corient, we have found a true partner who shares those values while providing extensive resources and global reach that will enable us to do more for clients. We are excited to join Corient as Partners."

Daniel Pinto, who leads Corient's EMEA operations as partner and CEO, said the relationship with the Letus founders predates the deal itself.

"I have known the founders of Letus for many years and am delighted they are becoming Corient Partners," Pinto said. "They have built an entrepreneurial firm that reflects the growing demand in France for independent wealth advice beyond the traditional banking model, making them an ideal fit for our partnership. The Letus team will considerably expand our existing capabilities in France, a key market in which we have been active for a number of years."

Growth pattern

The Letus transaction is the latest in a string of moves that have reshaped Corient's footprint well beyond the United States.

Earlier this year, the firm closed acquisitions of Stonehage Fleming and Stanhope Capital Group, building out operations spanning Europe, the Middle East and Africa. It has also reached an agreement to buy Geneva-based Bedrock Group, a multi-family office managing close to $10 billion in client assets.

Corient was formed in 2020 and operates on a fee-transparent, client-first model built around a private partnership structure similar to those found at major professional services firms, giving clients access to expertise across the entire organization rather than a single advisor relationship.

The firm now counts more than 300 partners and over 2,500 employees, managing approximately $523 billion globally for ultra-high-net-worth and high-net-worth individuals, families and businesses.