Stonehage Fleming, the London-based family office, has announced it is acquiring the investment activities of Cavendish Asset Management and will take over the running of its range of four OEIC funds.
Stonehage said that it would also take over all of Cavendish's client portfolios, including those run for institutional and professional clients as well as ultra-high net worth individuals and families, worth about £1bn.
As part of the acquisition, Stonehage Fleming Investment Management (SFIM) will take over the management of all client portfolios and Cavendish's range of four OEIC funds - the Cavendish International Fund, Opportunities Fund, AIM Fund, and Balanced Income Fund. The funds will be rebranded under Stonehage Fleming and will sit alongside its existing range of collective vehicles.
The families served by Cavendish have taken a positive decision to work with Stonehage Fleming as their investment adviser based on our broad proposition for families."
Four members of the Cavendish senior fund management team will transfer to Stonehage Fleming and continue to manage these funds. All Cavendish clients and assets, representing £1bn, are expected to transfer to SFIM's management on completion of the transaction, likely to be 1 August.
Julian Lewis, currently CIO of Cavendish, will join Graham Wainer, CEO 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 families' assets.
Chris Merry, Stonehage Fleming Group CEO, commented: "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".
Graham Wainer, CEO and head of investments at Stonehage Fleming Investment Management, added: "The families served by Cavendish have taken a positive decision to work with Stonehage Fleming as their investment adviser based on our broad proposition for families, the quality of our investment offering, and the strong cultural fit with our firm. We warmly welcome the Cavendish team and their clients."
Julian Lewis, CIO of Cavendish commented: "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."