Stonehage Fleming the independently owned international multi family office, today (21 July) announced that it has agreed to acquire the private client services business of Maitland, a privately owned global advisory, administration and family office firm.

On completion of the transaction, which is subject to regulatory approval in a number of jurisdictions, the business will transfer to Stonehage Fleming, bringing legal, fiduciary, corporate and investment management services capability in nine locations worldwide.

The transaction will add £1bn of AUM and £15bn of AUA, taking Stonehage Fleming's AUM to over £16bn and AUA to over £60bn.

It further said Maitland's Private Client Services business will bring further scale to Stonehage Fleming, strengthen key service areas and broaden the range of jurisdictions offered to clients. It will be combined with and operate under the Stonehage Fleming brand.

Three members of Maitland Group's management team will join Stonehage Fleming, including Herman Troskie, currently Deputy CEO of Maitland, who will head a new Corporate, Legal and Tax Advisory Services Division at Stonehage Fleming and join the Group's Executive Committee.

Chris Merry, Stonehage Fleming Group CEO commented: "This is an 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 successful families and wealth creators.

We have known and admired Maitland's Private Client Services business for many years and are looking forward to welcoming their management, people and clients to Stonehage Fleming.

"For Stonehage Fleming, making selected acquisitions to enhance our proposition and increase our scale as a complement to organic growth is part of our strategic plan. We will continue to look for more opportunities to complement our existing business and bring our differentiated and comprehensive offering to new clients."

Steve Georgala, CEO of Maitland said "This transaction is a key step in the refinement of Maitland's services offering which is now dedicated to Fund Services and Management Company Services. Such a transaction has been under consideration for some time and Stonehage Fleming has always been our preferred partner.

We are confident that this acquisition will provide an excellent home for both our clients and our people who will thrive within a highly regarded global firm focused on the needs of Private Clients."

Stonehage Fleming was advised on the transaction by Stonehage Fleming Corporate Finance.

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