Wealth manager Stonehage Fleming is set to buy the investment management arm of Cavendish Asset Management.
Stonehage Fleming announced today (April 23) it has agreed to acquire the management of all client portfolios and Cavendish’s range of open-ended funds — the Cavendish International, Opportunities, AIM and Balance Income funds.
The funds will be rebranded under Stonehage Fleming and will sit alongside its existing range of investment mandates.
A team of four senior fund managers will join Stonehage Fleming and continue to manage the funds, while all Cavendish clients and assets — around £1bn — will transfer as part of the acquisition, expected to complete on August 1.
Julian Lewis, currently chief investment officer of Cavendish, will join Graham Wainer, chief executive and head of investments at Stonehage Fleming, as co-chair of an investment committee which will be established to oversee the management of the Cavendish client assets.
Chris Merry, Stonehage Fleming group CEO, said: “Notwithstanding the extraordinary environment, this is an important and exciting time for Stonehage Fleming. We have the scale, the range of services and practical wisdom developed over many years to be the partner of choice for wealthy families with complex needs.
“We have worked hard to build a relationship with Cavendish and its clients over many months, and are very much looking forward to them joining us at Stonehage Fleming.”
Mr Wainer welcomed the Cavendish team and their clients to Stonehage, adding the quality of investment offering and the culture was a “strong fit”.
Mr Lewis added: “Stonehage Fleming is a highly successful firm with an outstanding, award-winning proposition and a client-centric approach, and will provide an excellent home for our clients and our people. The team and I look forward to joining our new colleagues.”
Stonehage Fleming provides a range of services from long-term strategic planning and investments to day-to-day advice and administration to about 250 high net worth families.
In total, the group advises more than £45bn of assets including an investment business managing £11bn.
Meanwhile Cavendish Asset Management is a London based investment manager providing management services for institutional and professional clients.
imogen.tew@ft.com
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