US-based wealth manager Corient has expanded into Europe with the acquisitions of Stonehage Fleming and Stanhope Capital Group for an undisclosed sum.

Multi-family office Stonehage Fleming and wealth and advisory firm Stanhope Capital will bring combined client assets of more than $214bn to the firm.

The transaction will create a $430bn independent ultra high net worth (UHNW) wealth management firm, with Corient stating it would become the world’s largest non-bank wealth manager and multi-family office focused on UHNW and HNW clients.

It will also see Corient expanding its global reach, establishing a presence in Europe, the Middle East, and Africa.

As part of the transactions, Corient’s private partnership model, whereby over 260 partners own and operate the firm, will be extended to its international operations.

Once the transactions, the terms of which were not disclosed, are completed, the business will operate globally as Corient.

Stonehage Fleming executive chair, Giuseppe Ciucci, will become Corient partner and chair, while Stanhope Capital CEO, chair of the board, and founding partner, Daniel Pinto, will become Corient partner and CEO of its international business, and both will join the board of directors.

Stonehage Fleming CEO, Stuart Parkinson, will be partner and president of Corient’s international business, and FFT Management (part of Stanhope Capital) founder and CEO, Keith M. Bloomfield, will join as partner, vice chair.

Jeffries is acting as lead financial adviser and Goldman Sachs & Co LLC is serving as financial adviser to Corient, while Skadden, Arps, Slate, Meagher & Flom LLP is providing the firm with legal counsel.

Spencer House Partners LLP is serving as financial adviser and Macfarlanes LLP is serving as legal counsel to Stonehage Fleming.

Rothschild & Co is serving as financial adviser and Macfarlanes LLP is serving as lead legal counsel to Stanhope Capital alongside Dechert LLP and Borel & Barbey.

“With this expansion, Corient becomes the world’s largest independent advisory firm focused on the holistic needs of UHNW and HNW clients,” commented Corient partner and CEO, Kurt MacAlpine.

“This 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.

“By integrating the strengths of each organisation, Corient will be able to deliver seamless, end-to-end service to clients anywhere in the world – in a way that doesn’t exist today.

“We are excited to extend our partnership to our international colleagues to create the first global professional services partnership in wealth management.”

Ciucci said: “Corient shares our commitment to integrity and excellence, while its robust value proposition for UHNW clients will provide even greater scale and resources to the benefit of the families we serve. We also see Corient as the perfect home for our people, given its unique partnership model and commitment to collaboration and professionalism.”

Pinto added: “Since our firm’s inception, we’ve focused on providing objective, innovative advice and solutions that put our clients’ interests first.

“Joining Corient allows us to accelerate these efforts alongside a team that understands the importance of unbiased, client-centred service.

“We’re excited about joining the Corient partnership and the expanded capabilities this combination brings to the families and institutions we serve.”

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