The national wealth management firm Corient announced Tuesday the additions of Stonehage Fleming and Stanhope Capital Group, bringing a combined $214 billion in new client assets and added global reach to the ultra-high-net-worth specialist firm.
The combined entity will oversee more than $430 billion in total client assets, according to the announcement. Stonehage and Stanhope will also bring “distinct but complementary” strengths to Corient’s wealth management platform.
Kurt MacAlpine, partner and CEO of Corient, said in a statement that the 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.”
The move significantly expands Corient’s global footprint, establishing a presence in Europe, the Middle East and Africa, MacAlpine added. As part of the transaction, Corient’s private partnership model, under which more than 260 partners own and operate the firm, will be extended to the international operations.
“Under our international partnership, which will consist of more than 300 firm owners aligned under one vision, we’re building a new type of wealth management firm," MacAlpine said, "one that is global, collaborative and evolving to meet the dynamic needs of sophisticated clients.”
As detailed in the announcement, Stonehage Fleming brings more than 50 years of experience in family office and fiduciary services. It is led by Giuseppe Ciucci, executive chairman, and oversees some $175 billion in combined assets across offices in 12 jurisdictions. Its advisors deliver expertise in cross-border and multi-generational structuring, wealth and investment management, governance and succession planning, philanthropic planning and more.
Stanhope Capital, founded in 2004 by Daniel Pinto, is one of Europe’s largest independent wealth management and advisory firms, with close to $40 billion in assets. The firm provides services across wealth management, consulting, merchant banking and private investments.
Executives at both firms cited Corient’s scale, commitment to client services and its “robust value proposition” for UHNW clients as key drivers of the transaction. Financial terms were not disclosed. Upon closing of the transactions, the business will operate globally as Corient.
Moving forward, Ciucci will be a partner and chairman, while Pinto will be a partner and CEO of Corient’s international business. Both will join Corient’s global board of directors. Likewise, Stuart Parkinson, the CEO of Stonehage Fleming, will become partner and president of Corient’s international business.
Additional appointments include Keith Bloomfield, founder and CEO of Stanhope subsidiary FFT Management, becoming a partner and vice chairman. Other members of both firms’ executive teams will become partners and significant equity holders in Corient, according to the announcement.
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