Corient Acquires Two UK Wealth Managers with $214B in Combined Assets
RIA giant Corient has acquired two U.K.-based financial advisory firms, which brings in more than $214 billion in combined client assets, as Corient begins its global expansion into Europe, the Middle East, and Africa.
Jersey, U.K.-based Stonehage Fleming, founded in 1976 by executive chairman Giuseppe Ciucci, manages $175 billion in client assets across offices in 12 jurisdictions. The firm provides “comprehensive” and multi-generational wealth management, investment management, financial planning, succession planning, legal and tax advisory, philanthropic, and art management services to ultra-high-net-worth international families, individuals and business owners.
In addition to Stonehage Fleming, Corient also acquired London-based Stanhope Capital Group, founded in 2004 by CEO and founding partner Daniel Pinto, which manages about $40 billion in client assets. Stanhope Capital offers wealth management, private investments, consulting, and merchant banking to ultra-high-net-worth families and individuals.
The Stanhope Capital Group also includes New York-based FWM Holdings, which is the owner of FFT Wealth Management, a multi-family office that offers investment management and family office services to ultra-high-net-worth families.
As part of the acquisition, the two wealth managers will operate under Corient’s brand. Additionally, Corient’s private partnership model, which includes more than 260 partners that own and operate the firm, would be extended to its international operations.
The transaction is set to close in the first half of next year. Financial terms of the deal were not disclosed. The acquisitions will be funded through an equity contribution.
Following the closure of the acquisitions, Ciucci will serve as partner and chairman, and Pinto will assume the role of partner and CEO of Corient’s international business.
Ciucci and Pinto will both join Corient’s global board of directors, and Stonehage Fleming’s CEO Stuart Parkinson will become partner and president of international operations. Founder and CEO of FFT Management Keith Bloomfield will become partner and vice chairman.
Ciucci, Pinto, and other members within their respective executive teams will also become partners and equity holders in the firm, Corient said.
Corient Private Wealth, founded in 2020, has more than 1,300 employees overseeing a total of about $216 billion for individuals, families, and businesses, and has 260 partners, the company said.