Stonehage Fleming advises shareholders of Cinesite on the investment by Gryphion Capital
13 Jan 2020
Stonehage Fleming advises shareholders of Cinesite on the investment by Gryphion Capital
Stonehage Fleming Advisory, the corporate finance and direct investments business of Stonehage Fleming, announces that it advised the shareholders of Cinesite Media Holdings on the significant minority investment by Gryphion Capital Investments, a private investment vehicle that invests capital on behalf of Rob Thielen, the founder of Waterland Private Equity, and other private investors.
Cinesite is a leading and award-winning digital entertainment business providing visual effects and animation to the global film, TV and streaming industries. Headquartered in London, Cinesite operates world class facilities in Berlin, Montreal, Munich and Vancouver.
Stonehage Fleming Advisory’s Richard Hill and Nicolas Begin introduced Gryphion to the opportunity and advised the shareholders of Cinesite on the transaction, building on Stonehage Fleming’s reputation for working with fast growing private companies backed by successful entrepreneurs.
Richard Hill, Partner and Chief Executive of Stonehage Fleming Advisory, commented: “It’s a core part of Stonehage Fleming’s proposition to advise entrepreneurs on their business interests as well as their broader wealth. We were pleased to be able to assist Cinesite’s shareholders in identifying a suitable financial partner for the next stage of Cinesite’s development.”
Peter Nagle, Executive Chairman of Cinesite, said: “We have known Stonehage Fleming for a long time and were delighted that Richard and his team were able to identify the right financial partner for our business through their extensive global network of family offices and private investors. This partnership will enable us to accelerate the growth of Cinesite and take advantage of new opportunities.”
Stonehage Fleming appoints Non-Executive Director to Boards in South Africa
Stonehage Fleming has recently welcomed Fred Robertson to the Stonehage Fleming family as a Non-Executive Board member on its local Board of Directors.
His impressive resume reflects over 3 decades of experience on both the national and international business stage. He currently serves as the Executive Chairman of Brimstone Investment Corporation Ltd, a JSE-listed investment
company which he co-founded in 1995. His other non-executive chairmanships include Lion of Africa Life Assurance Company Ltd and the JSE-listed Sea Harvest Ltd.
Furthermore, he serves as a non-executive director on the boards of Remgro Limited, Aon Re Africa (Pty) Ltd, Swiss Re Africa Ltd and Sea Harvest Australia Pty Ltd. In 2014, Fred received the South African Entrepreneur of the Year Award at the prestigious CNBC AFRICA All Africa Business Leadership Awards (AABLA), recognising his significant contribution to the South African business landscape. He also received the Kaapstad Sakekamer’s Sakeleier van die Jaar Award and Black Management Forum Business Leadership Award.
In 2016, he was the recipient of an Honorary Doctorate in Philosophy from the University of the Western Cape, where he currently serves as a Chairman of the Board of Trustees.
“Fred’s distinguished business career makes him a valuable addition to our Boards in South Africa. His extensive experience in the business community here and his pragmatic insights will contribute significantly to the further development of our service offering and the future growth of our firm”, says South African CEO, Johan Van Zyl.
Stonehage Fleming launches Global Sustainable Investment Portfolios
On 8th October 2019 Stonehage Fleming Investment Management (“SFIM”), the UK investment division of one of the world’s leading international Family Offices, announced the launch of its Global Sustainable Investment Portfolios (“GSIP”).
SFIM currently manage GBP 7.4 bn in mainstream multi-asset portfolios. GSIP will utilise the Group’s existing multi-asset investment process, with the same investment and performance objectives, but socially responsible objectives will also be applied. Stonehage Fleming construct portfolios by selecting funds managed by managers from across the industry, blending their skills to meet a variety of risk-return objectives.
Mona Shah, Director at Stonehage Fleming Investment Management, says: “We strongly believe that values-based investing does not need to compromise returns. By launching our Global Sustainable Investment Portfolios, we are helping clients to achieve their maximum impact potential in line with their values. The managers we select will pass a high threshold of qualitative and quantitative analysis, of both their investment processes and their ESG credentials.”
The overlap in funds between GSIP and the Group’s existing portfolios is very low as the Fund Managers selected will be required to overcome different and demanding hurdles to be included, such as their approach to Governance, and impact methodologies.
GSIP will initially be focused on equities, fixed income, alternatives and cash. The headline asset allocation and the risk-adjusted targets will be very similar to the mainstream portfolios.
Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming Investment Management, adds: “Equity investments will constitute the largest position in GSIP, but we are also excited by the opportunities within fixed income, which has been largely overlooked by ESG investors to date. Bond investors have longer time horizons than their equity peers, and more nuanced relationships with management teams and, critically, with governments. This will be an important asset class for GSIP.”
Guy Hudson, Partner and Head of Group Marketing at Stonehage Fleming, concludes: “Our proprietary research piece, ‘The Four Pillars of Capital’ (2018), showed that 75% of respondents wanted their values to be reflected in their investments but only 21% were actively taking this approach. We see socially responsible investing as a vital expression of our clients’ “social capital”, or the way they engage with and contribute to wider society. In launching our Global Sustainable Investment Portfolios, we are responding to significantly increased client interest in using their capital to effect positive change in the way companies engage with the environment, communities and their shareholders.”
The Global Sustainable Investment Portfolios are available now to clients of Stonehage Fleming via a segregated discretionary mandate. Further details can be found here: www.stonehagefleming.com/investments/esg
This document is issued by Stonehage Fleming Investment Management Limited which is authorised and regulated in the UK by the Financial Conduct Authority and in South Africa by the Financial Sector Conduct Authority (FSP No: 46194). The registered office is 15 Suffolk Street, London, SW1Y 4HG. Registered in England No. OC4027720.
All investments risk the loss of capital. No guarantee or representation is made that the investments will achieve their investment objective. The value of investments may go down as well as up and, for products designed to return income, the distributions can also go down or up and you may not receive back the full value of your initial investment. Investments may have risks regarding liquidity, the repatriation of funds, political and macroeconomic situations, foreign exchange, tax, settlement, and the availability of market information. The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information on this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.
Stonehage Fleming appoints new Partner in South Africa
Stonehage Fleming welcomes Dr Charl du Toit to the Stonehage Fleming family in South Africa. Starting 1 November, Charl has been appointed as Partner in the South African Family Office Division, with responsibility for Tax Advisory services. He will be based in the Group’s Cape Town office.
Charl brings with him almost 40 years financial services experience and three decades of specialist experience within the corporate international tax arena. He joins the company from PricewaterhouseCoopers, where he was a tax partner. He has also consulted to a wide range of South African and international groups including several JSE listed companies. In addition, Charl has extensive experience advising families on cross-border trust and corporate structures. He also served as President of the South African Fiscal Association for twelve years.
An international published author, his book titled “The beneficial ownership of royalties in bilateral tax treaties”, is a reference source consistently used by tax practitioners and universities around the world. He is a regular speaker at both local and international tax seminars and has been instrumental in effecting a number of amendments to tax legislation in Parliament.
Charl is a qualified Chartered Accountant, holding several degrees including a Bachelor of Agriculture degree (Cum Laude) from the University of Stellenbosch, a Bachelor of Commerce degree with Honours in Taxation and a Masters in Philosophy in Tax Law from the University of Cape Town, as well as a PHD in International Tax Law from the University of Amsterdam.
Giuseppe Ciucci, Managing Partner of Stonehage Fleming, said:
“As a Group, we have worked closely with Charl over the past 15 years and have always held him in the highest regard. In the global family office environment, the need for specialist expertise in tax and estate planning has become increasingly important. We are therefore delighted to welcome Charl as a Partner to Stonehage Fleming and look forward to more of our clients benefiting from his significant experience and skill set.”
Stonehage Fleming advises shareholders of Cinesite on the investment by Gryphion Capital
Stonehage Fleming Advisory, the corporate finance and direct investments business of Stonehage Fleming, announces that it advised the shareholders of Cinesite Media Holdings on the significant minority investment by Gryphion Capital Investments, a private investment vehicle that invests capital on behalf of Rob Thielen, the founder of Waterland Private Equity, and other private investors.
Cinesite is a leading and award-winning digital entertainment business providing visual effects and animation to the global film, TV and streaming industries. Headquartered in London, Cinesite operates world class facilities in Berlin, Montreal, Munich and Vancouver.
Stonehage Fleming Advisory’s Richard Hill and Nicolas Begin introduced Gryphion to the opportunity and advised the shareholders of Cinesite on the transaction, building on Stonehage Fleming’s reputation for working with fast growing private companies backed by successful entrepreneurs.
Richard Hill, Partner and Chief Executive of Stonehage Fleming Advisory, commented: “It’s a core part of Stonehage Fleming’s proposition to advise entrepreneurs on their business interests as well as their broader wealth. We were pleased to be able to assist Cinesite’s shareholders in identifying a suitable financial partner for the next stage of Cinesite’s development.”
Peter Nagle, Executive Chairman of Cinesite, said: “We have known Stonehage Fleming for a long time and were delighted that Richard and his team were able to identify the right financial partner for our business through their extensive global network of family offices and private investors. This partnership will enable us to accelerate the growth of Cinesite and take advantage of new opportunities.”
Stonehage Fleming appoints Non-Executive Director to Boards in South Africa
Stonehage Fleming has recently welcomed Fred Robertson to the Stonehage Fleming family as a Non-Executive Board member on its local Board of Directors.
His impressive resume reflects over 3 decades of experience on both the national and international business stage. He currently serves as the Executive Chairman of Brimstone Investment Corporation Ltd, a JSE-listed investment
company which he co-founded in 1995. His other non-executive chairmanships include Lion of Africa Life Assurance Company Ltd and the JSE-listed Sea Harvest Ltd.
Furthermore, he serves as a non-executive director on the boards of Remgro Limited, Aon Re Africa (Pty) Ltd, Swiss Re Africa Ltd and Sea Harvest Australia Pty Ltd. In 2014, Fred received the South African Entrepreneur of the Year Award at the prestigious CNBC AFRICA All Africa Business Leadership Awards (AABLA), recognising his significant contribution to the South African business landscape. He also received the Kaapstad Sakekamer’s Sakeleier van die Jaar Award and Black Management Forum Business Leadership Award.
In 2016, he was the recipient of an Honorary Doctorate in Philosophy from the University of the Western Cape, where he currently serves as a Chairman of the Board of Trustees.
“Fred’s distinguished business career makes him a valuable addition to our Boards in South Africa. His extensive experience in the business community here and his pragmatic insights will contribute significantly to the further development of our service offering and the future growth of our firm”, says South African CEO, Johan Van Zyl.
Stonehage Fleming launches Global Sustainable Investment Portfolios
On 8th October 2019 Stonehage Fleming Investment Management (“SFIM”), the UK investment division of one of the world’s leading international Family Offices, announced the launch of its Global Sustainable Investment Portfolios (“GSIP”).
SFIM currently manage GBP 7.4 bn in mainstream multi-asset portfolios. GSIP will utilise the Group’s existing multi-asset investment process, with the same investment and performance objectives, but socially responsible objectives will also be applied. Stonehage Fleming construct portfolios by selecting funds managed by managers from across the industry, blending their skills to meet a variety of risk-return objectives.
Mona Shah, Director at Stonehage Fleming Investment Management, says: “We strongly believe that values-based investing does not need to compromise returns. By launching our Global Sustainable Investment Portfolios, we are helping clients to achieve their maximum impact potential in line with their values. The managers we select will pass a high threshold of qualitative and quantitative analysis, of both their investment processes and their ESG credentials.”
The overlap in funds between GSIP and the Group’s existing portfolios is very low as the Fund Managers selected will be required to overcome different and demanding hurdles to be included, such as their approach to Governance, and impact methodologies.
GSIP will initially be focused on equities, fixed income, alternatives and cash. The headline asset allocation and the risk-adjusted targets will be very similar to the mainstream portfolios.
Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming Investment Management, adds: “Equity investments will constitute the largest position in GSIP, but we are also excited by the opportunities within fixed income, which has been largely overlooked by ESG investors to date. Bond investors have longer time horizons than their equity peers, and more nuanced relationships with management teams and, critically, with governments. This will be an important asset class for GSIP.”
Guy Hudson, Partner and Head of Group Marketing at Stonehage Fleming, concludes: “Our proprietary research piece, ‘The Four Pillars of Capital’ (2018), showed that 75% of respondents wanted their values to be reflected in their investments but only 21% were actively taking this approach. We see socially responsible investing as a vital expression of our clients’ “social capital”, or the way they engage with and contribute to wider society. In launching our Global Sustainable Investment Portfolios, we are responding to significantly increased client interest in using their capital to effect positive change in the way companies engage with the environment, communities and their shareholders.”
The Global Sustainable Investment Portfolios are available now to clients of Stonehage Fleming via a segregated discretionary mandate. Further details can be found here: www.stonehagefleming.com/investments/esg
This document is issued by Stonehage Fleming Investment Management Limited which is authorised and regulated in the UK by the Financial Conduct Authority and in South Africa by the Financial Sector Conduct Authority (FSP No: 46194). The registered office is 15 Suffolk Street, London, SW1Y 4HG. Registered in England No. OC4027720.
All investments risk the loss of capital. No guarantee or representation is made that the investments will achieve their investment objective. The value of investments may go down as well as up and, for products designed to return income, the distributions can also go down or up and you may not receive back the full value of your initial investment. Investments may have risks regarding liquidity, the repatriation of funds, political and macroeconomic situations, foreign exchange, tax, settlement, and the availability of market information. The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information on this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.
Stonehage Fleming appoints new Partner in South Africa
Stonehage Fleming welcomes Dr Charl du Toit to the Stonehage Fleming family in South Africa. Starting 1 November, Charl has been appointed as Partner in the South African Family Office Division, with responsibility for Tax Advisory services. He will be based in the Group’s Cape Town office.
Charl brings with him almost 40 years financial services experience and three decades of specialist experience within the corporate international tax arena. He joins the company from PricewaterhouseCoopers, where he was a tax partner. He has also consulted to a wide range of South African and international groups including several JSE listed companies. In addition, Charl has extensive experience advising families on cross-border trust and corporate structures. He also served as President of the South African Fiscal Association for twelve years.
An international published author, his book titled “The beneficial ownership of royalties in bilateral tax treaties”, is a reference source consistently used by tax practitioners and universities around the world. He is a regular speaker at both local and international tax seminars and has been instrumental in effecting a number of amendments to tax legislation in Parliament.
Charl is a qualified Chartered Accountant, holding several degrees including a Bachelor of Agriculture degree (Cum Laude) from the University of Stellenbosch, a Bachelor of Commerce degree with Honours in Taxation and a Masters in Philosophy in Tax Law from the University of Cape Town, as well as a PHD in International Tax Law from the University of Amsterdam.
Giuseppe Ciucci, Managing Partner of Stonehage Fleming, said:
“As a Group, we have worked closely with Charl over the past 15 years and have always held him in the highest regard. In the global family office environment, the need for specialist expertise in tax and estate planning has become increasingly important. We are therefore delighted to welcome Charl as a Partner to Stonehage Fleming and look forward to more of our clients benefiting from his significant experience and skill set.”
Stonehage Fleming appoints new CEO
Formerly CEO of Ipes, a leading European provider of fund administration and outsourcing services, Chris Merry’s appointment is effective from 3 September 2019. He will be based in Stonehage Fleming’s London office.
Chris will be taking over from Giuseppe Ciucci, Stonehage Fleming Group CEO since 1997. Mr. Ciucci will remain in a full-time executive capacity as Managing Partner, concentrating first and foremost on serving existing clients as well as building new client relationships. He will also become Deputy Chairman of the Board, where he will continue to contribute to the strategic direction of the firm.
In a highly distinguished career that has spanned both financial and professional services businesses, Chris has a proven track record as an experienced and effective CEO. As well as his five-year tenure at Ipes, Chris has also served as CEO of RSM Tenon, the UK accounting firm later acquired by Baker Tilly, and at Matrix Group, a privately held boutique financial services firm. He was the Finance Director for Clifford Chance, a leading global law firm, prior to which he was a Partner at PwC, with experience in London, New York and Shanghai.
Giuseppe Ciucci, Managing Partner, Stonehage Fleming, said: “After 22 years as Group CEO the time is now right to appoint a new person to this role, to bring some fresh ideas and direction and enable me to concentrate first and foremost on serving our clients. It has given me great pride and pleasure to lead such a talented team in transforming our business into the leading European multi-family office.”
“We are delighted to have been able to appoint Chris as our new CEO. He will bring exceptional experience and vision to his new role at Stonehage Fleming. Importantly, he is widely known for his practical as well as his strategic skills, which are critical to a business like ours as we seek to expand upon our truly unique proposition and consolidate our leading position as advisers to wealthy international families.”
Stonehage Fleming Group CEO Chris Merry said: “Stonehage Fleming has a remarkable position in its market, and this has been endorsed by Caledonia’s decision to make such a significant investment in the future of the firm.”
“Stonehage Fleming has a strong culture, an enviable array of services and unrivalled experience in counselling families across the entirety of their wealth. Anchored by a founding family now in its sixth generation, the firm has also demonstrated its ability to understand the requirements of a contemporary audience. I am excited to work with a team that has redefined the modern Family Office.”
Stonehage sees the role for long/short strategies with higher volatility ahead
“We are increasingly helping families to implement a formal risk-management process to identify, monitor and mitigate these risks. Family governance is important to agree decision-making frameworks when they are matters of principle rather than when it is personal. We help our clients in this regard by reviewing their existing governance framework and identifying potential areas for improvements”
Tech stocks poised for a comeback, says equity manager
Technology stocks, which have fallen sharply in recent weeks on heightened regulatory scrutiny and ongoing trade tensions, are poised for a recovery, according to Gerrit Smit, head of equity at international family office Stonehage Fleming.
Despite rallying 2.7% on Tuesday after US Federal Reserve chair Jerome Powell said the central bank could cut rates, the tech-heavy Nasdaq Composite remained 7.8% down from its close on May 3.
Tech stocks — including JSE-heavyweight Naspers and its Chinese associate, Tencent — have been on the back foot for weeks amid trade disputes between the US and other major economies.
Tencent has slipped 14.6% since May 3, while Naspers has declined about 9%, propped up by the weaker rand and plans to list its international internet assets in Europe. Naspers’s decline has dented the JSE, given its hefty weighting in local indices.
The tech sell-off intensified on Monday after US authorities signaled their intention to curb the size and power of sector giants.
“The anti-trust probes will affect only some businesses to some extent, and it may take very long before that happens,” said Smit. “In those cases, valuations already reflect some of those risks.”
Stonehage Fleming appoints new CEO
Formerly CEO of Ipes, a leading European provider of fund administration and outsourcing services, Chris Merry’s appointment is effective from 3 September 2019. He will be based in Stonehage Fleming’s London office.
Chris will be taking over from Giuseppe Ciucci, Stonehage Fleming Group CEO since 1997. Mr. Ciucci will remain in a full-time executive capacity as Managing Partner, concentrating first and foremost on serving existing clients as well as building new client relationships. He will also become Deputy Chairman of the Board, where he will continue to contribute to the strategic direction of the firm.
In a highly distinguished career that has spanned both financial and professional services businesses, Chris has a proven track record as an experienced and effective CEO. As well as his five-year tenure at Ipes, Chris has also served as CEO of RSM Tenon, the UK accounting firm later acquired by Baker Tilly, and at Matrix Group, a privately held boutique financial services firm. He was the Finance Director for Clifford Chance, a leading global law firm, prior to which he was a Partner at PwC, with experience in London, New York and Shanghai.
Giuseppe Ciucci, Managing Partner, Stonehage Fleming, said: “After 22 years as Group CEO the time is now right to appoint a new person to this role, to bring some fresh ideas and direction and enable me to concentrate first and foremost on serving our clients. It has given me great pride and pleasure to lead such a talented team in transforming our business into the leading European multi-family office.”
“We are delighted to have been able to appoint Chris as our new CEO. He will bring exceptional experience and vision to his new role at Stonehage Fleming. Importantly, he is widely known for his practical as well as his strategic skills, which are critical to a business like ours as we seek to expand upon our truly unique proposition and consolidate our leading position as advisers to wealthy international families.”
Stonehage Fleming Group CEO Chris Merry said: “Stonehage Fleming has a remarkable position in its market, and this has been endorsed by Caledonia’s decision to make such a significant investment in the future of the firm.”
“Stonehage Fleming has a strong culture, an enviable array of services and unrivalled experience in counselling families across the entirety of their wealth. Anchored by a founding family now in its sixth generation, the firm has also demonstrated its ability to understand the requirements of a contemporary audience. I am excited to work with a team that has redefined the modern Family Office.”
Stonehage sees the role for long/short strategies with higher volatility ahead
“We are increasingly helping families to implement a formal risk-management process to identify, monitor and mitigate these risks. Family governance is important to agree decision-making frameworks when they are matters of principle rather than when it is personal. We help our clients in this regard by reviewing their existing governance framework and identifying potential areas for improvements”
Tech stocks poised for a comeback, says equity manager
Technology stocks, which have fallen sharply in recent weeks on heightened regulatory scrutiny and ongoing trade tensions, are poised for a recovery, according to Gerrit Smit, head of equity at international family office Stonehage Fleming.
Despite rallying 2.7% on Tuesday after US Federal Reserve chair Jerome Powell said the central bank could cut rates, the tech-heavy Nasdaq Composite remained 7.8% down from its close on May 3.
Tech stocks — including JSE-heavyweight Naspers and its Chinese associate, Tencent — have been on the back foot for weeks amid trade disputes between the US and other major economies.
Tencent has slipped 14.6% since May 3, while Naspers has declined about 9%, propped up by the weaker rand and plans to list its international internet assets in Europe. Naspers’s decline has dented the JSE, given its hefty weighting in local indices.
The tech sell-off intensified on Monday after US authorities signaled their intention to curb the size and power of sector giants.
“The anti-trust probes will affect only some businesses to some extent, and it may take very long before that happens,” said Smit. “In those cases, valuations already reflect some of those risks.”
Stonehage Fleming's flagship fund passes USD1 billion mark
Assets under Management (“AUM”) for the Stonehage Fleming Global Best Ideas Equity Fund (“the Fund”) have passed the USD1bn mark.
Since launching in August 2013, the USD1.03bn Fund has attracted assets from private, professional and institutional investors and has returned 66.7%* over the last five years, compared to the Global Equity peer group average of 30.0 %** and the comparative index return of 40.0%*** (US $ terms).
Fund Manager Gerrit Smit manages a concentrated, high conviction portfolio of 27 high quality businesses that are chosen for their sustainable growth potential, strong management team, strategic competitive edge and value.
Current investments include some of the world’s best-known companies such as Visa, PayPal, Alphabet, Nike, Amazon, Microsoft and Estée Lauder. Technology names now make up 25.5%**** of the Fund, a reflection of the manager’s view that the technology sector will remain a dominant feature of daily life and business in general. It also has a high health care exposure.
Gerrit Smit argues that: “The technology sectors’ contribution towards growing productivity, providing key information to businesses and individuals alike and creating new business opportunities seems to be ever increasing. Many technology businesses are currently benefiting from wide adoption, high business demand, general high profitability, strong cash flow generation and strong balance sheets. Some large technology businesses have become good growing dividend payers, which further supports capital growth. Investors can therefore also consider some of these businesses from an income perspective.”
Commenting on the current market environment, Smit adds: “The combination of stable and constructive leading US economic indicators, continuing moderate economic expansion and earnings growth, low inflation expectations, only moderate interest rate rises and fair valuations has created a proverbial ‘Goldilocks’ investment environment. This ‘dull but constructive’ environment leads to more certainty and lower economic volatility and is more attractive to more investors. Whilst expectations for the level of economic expansion have recently been tempered, the outlook for continuing earnings growth remains on course for quality businesses.”
The Fund had previously been available exclusively to clients of Stonehage Fleming, but has been open to outside investors since 2016. It is now available on eleven platforms across South Africa and the UK.
* Source: Stonehage Fleming Investment Management Ltd (SFIM), for period 1 May 2014 to 30 April 2019 (Class B).
**IA Global $, for period 1 May 2014 to 30 April 2019. Source: Financial Express.
***MSCI World All Country $ TR, for period 1 May 2014 to 30 April 2019. Source: Bloomberg, MSCI.
****Source: Stonehage Fleming Investment Management Ltd (SFIM), to 30 April 2019.
Should you invest in Uber?
Gerrit Smit, Head of Equity Management, believes it is worth comparing Uber’s financial fundamentals with those of some of the more established tech stocks.
The first-gen wealth creators who struggle to talk to their kids about money
Every culture has its own version, but in Britain the saying goes: from shirtsleeves to shirtsleeves in three generations. The anecdote about how family money can easily disappear is particularly poignant for entrepreneurs trying to navigate whether, or how, to pass along their wealth to their children.
Compared to the institutionally wealthy, who may see themselves as custodians of family wealth, entrepreneurs or first-generation wealth creators can have a more difficult time talking to the next generation about money.
Stonehage Fleming appoints Business Development Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Julie Gauthier as Business Development Officer in Switzerland.
Julie will report to Johan Van Niekerk, Head of Family Office (Neuchatel) and will be a member of the Business Development team, working between all three of Stonehage Fleming’s Swiss offices. She will be responsible for the development and management of relationships with potential clients and introducers of business.
Julie’s role is newly created and effective immediately.
With ten years’ wealth planning and financial service experience, Julie joins Stonehage Fleming from Geneva Management Group (“GMG”), where she was Vice President of Business Development. At GMG she was responsible for client base expansion and new business acquisitions across the globe. During her previous role as Sales Manager, Julie also advised GMG clients on succession planning and asset protection through life insurance structures.
Commenting on the appointment, Johan Van Niekerk said: “We are very pleased to welcome Julie as our newly appointed Business Development Officer. Julie has an impressive career and extensive experience in the development of sales and new business acquisitions.” “Her appointment demonstrates our commitment to further growing and building the business as we continue to strive to lead the industry as a truly international family office.”
Julie Gauthier said: “I am thrilled to join Stonehage Fleming’s Business Development team at such an exciting time in the Group’s development. I look forward to further expanding the Group’s business and client base to widen their integrated expertise further across the globe.”
Stonehage Fleming's flagship fund passes USD1 billion mark
Assets under Management (“AUM”) for the Stonehage Fleming Global Best Ideas Equity Fund (“the Fund”) have passed the USD1bn mark.
Since launching in August 2013, the USD1.03bn Fund has attracted assets from private, professional and institutional investors and has returned 66.7%* over the last five years, compared to the Global Equity peer group average of 30.0 %** and the comparative index return of 40.0%*** (US $ terms).
Fund Manager Gerrit Smit manages a concentrated, high conviction portfolio of 27 high quality businesses that are chosen for their sustainable growth potential, strong management team, strategic competitive edge and value.
Current investments include some of the world’s best-known companies such as Visa, PayPal, Alphabet, Nike, Amazon, Microsoft and Estée Lauder. Technology names now make up 25.5%**** of the Fund, a reflection of the manager’s view that the technology sector will remain a dominant feature of daily life and business in general. It also has a high health care exposure.
Gerrit Smit argues that: “The technology sectors’ contribution towards growing productivity, providing key information to businesses and individuals alike and creating new business opportunities seems to be ever increasing. Many technology businesses are currently benefiting from wide adoption, high business demand, general high profitability, strong cash flow generation and strong balance sheets. Some large technology businesses have become good growing dividend payers, which further supports capital growth. Investors can therefore also consider some of these businesses from an income perspective.”
Commenting on the current market environment, Smit adds: “The combination of stable and constructive leading US economic indicators, continuing moderate economic expansion and earnings growth, low inflation expectations, only moderate interest rate rises and fair valuations has created a proverbial ‘Goldilocks’ investment environment. This ‘dull but constructive’ environment leads to more certainty and lower economic volatility and is more attractive to more investors. Whilst expectations for the level of economic expansion have recently been tempered, the outlook for continuing earnings growth remains on course for quality businesses.”
The Fund had previously been available exclusively to clients of Stonehage Fleming, but has been open to outside investors since 2016. It is now available on eleven platforms across South Africa and the UK.
* Source: Stonehage Fleming Investment Management Ltd (SFIM), for period 1 May 2014 to 30 April 2019 (Class B).
**IA Global $, for period 1 May 2014 to 30 April 2019. Source: Financial Express.
***MSCI World All Country $ TR, for period 1 May 2014 to 30 April 2019. Source: Bloomberg, MSCI.
****Source: Stonehage Fleming Investment Management Ltd (SFIM), to 30 April 2019.
Should you invest in Uber?
Gerrit Smit, Head of Equity Management, believes it is worth comparing Uber’s financial fundamentals with those of some of the more established tech stocks.
The first-gen wealth creators who struggle to talk to their kids about money
Every culture has its own version, but in Britain the saying goes: from shirtsleeves to shirtsleeves in three generations. The anecdote about how family money can easily disappear is particularly poignant for entrepreneurs trying to navigate whether, or how, to pass along their wealth to their children.
Compared to the institutionally wealthy, who may see themselves as custodians of family wealth, entrepreneurs or first-generation wealth creators can have a more difficult time talking to the next generation about money.
Stonehage Fleming appoints Business Development Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Julie Gauthier as Business Development Officer in Switzerland.
Julie will report to Johan Van Niekerk, Head of Family Office (Neuchatel) and will be a member of the Business Development team, working between all three of Stonehage Fleming’s Swiss offices. She will be responsible for the development and management of relationships with potential clients and introducers of business.
Julie’s role is newly created and effective immediately.
With ten years’ wealth planning and financial service experience, Julie joins Stonehage Fleming from Geneva Management Group (“GMG”), where she was Vice President of Business Development. At GMG she was responsible for client base expansion and new business acquisitions across the globe. During her previous role as Sales Manager, Julie also advised GMG clients on succession planning and asset protection through life insurance structures.
Commenting on the appointment, Johan Van Niekerk said: “We are very pleased to welcome Julie as our newly appointed Business Development Officer. Julie has an impressive career and extensive experience in the development of sales and new business acquisitions.” “Her appointment demonstrates our commitment to further growing and building the business as we continue to strive to lead the industry as a truly international family office.”
Julie Gauthier said: “I am thrilled to join Stonehage Fleming’s Business Development team at such an exciting time in the Group’s development. I look forward to further expanding the Group’s business and client base to widen their integrated expertise further across the globe.”