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Close windowStonehage Fleming is a holistic multi-family office (“MFO”) and ultra-high net worth (“UHNW”) wealth manager that advises many of the world’s leading families and wealth creators. It has 19 offices in 14 countries and is involved in the management, fiduciary oversight and administration of assets in excess of $150 billion.
Background
The business was formed in 2015 through the merger of Stonehage Group and Fleming Family & Partners creating the largest independent family office in EMEA. In 2018, the shareholders sought to identify a longer term financial investor with a similar ethos and heritage to:
- Buy-out legacy shareholders no longer involved in the business;
- Create some liquidity for management;
- Support the business in delivering organisational change to drive future growth; and
- Provide follow-on capital to support M&A opportunities.
Caledonia invested in mid 2019 becoming the single largest investor in the group.
Investment thesis
The investment thesis was centred on building scale, international reach and additional capabilities so as to be able to service the fast-growing UHNW market with a comprehensive independent service offering from a global footprint.
Since acquiring our stake in July 2019, the business has delivered strong organic and inorganic growth. Key milestones have included:
- The acquisition of Cavendish Asset Management in August 2020 adding a further £1.2bn in AUM
- The acquisition, in February 2022, of the Private Client Services business of Maitland Group adding legal, fiduciary, corporate and investment management services in 9 locations internationally and adding £1bn in AUM
- The acquisition, in February 2023, of the business and assets of Rootstock Investment Management
Investment Date:
July 2019
Investment Status:
Current
Business Description:
Financial Services
Investment Type:
Minority
Initial equity investment
£90mLatest Caledonia NAV:
£168m (as at 31 March 2024)
Caledonia Private Capital Team:
Tom Leader, Tim Lewis
CEO Perspective
“With the long-term backing of the Cayzer family, Caledonia was ideally placed to understand the values and heritage of Stonehage Fleming and the many clients we serve around the world.”
Giuseppe Ciucci, Executive Chair