Caledonia Investments acquires minority stake in international multi-family office Stonehage Fleming
21 Dec 2018
Caledonia Investments acquires minority stake in international multi-family office Stonehage Fleming
Stonehage Fleming, one of the world’s leading international family offices, and Caledonia Investments plc (“Caledonia”), the self-managed investment trust, announced today that Caledonia has agreed to acquire a significant minority stake in Stonehage Fleming. The transaction has been approved by both boards and by Stonehage Fleming shareholders representing 91.8% of shares. Completion is expected early in 2019, following formal shareholder and regulatory approvals.
Caledonia’s investment in Stonehage Fleming will represent approximately 36.7% of the firm’s equity, with management and staff remaining the largest shareholders with approximately 50%. This agreement is consistent with Caledonia’s strategy of backing high-quality management teams with drive and the proven ability to generate exceptional long-term shareholder value, and to invest for the long term.
As a strategic minority investor Caledonia will support the Group in realising the next stage of its ambition. Caledonia will provide additional resources and expertise to accelerate the growth of the business both organically and through acquisition, enhancing Stonehage Fleming’s leading position in the family office and ultra-high-net-worth (UHNW) market.
Stonehage Fleming will be led by the current management team who retain day to day operational independence and autonomy, with the current partners continuing in their roles. Two members of the Caledonia investment team will join the Board. Leadership will increase amongst the Next Gen of Stonehage Fleming management, who will also receive additional equity incentives as part of the transaction.
Giuseppe Ciucci, Group CEO of Stonehage Fleming, said: “Caledonia, as a permanent capital investment vehicle, has an excellent record of supporting businesses over the long term and providing wise counsel to the management teams it backs. They intend to make capital available to us to further invest in our people, our proposition and in strategic development that will augment our organic growth and consolidate our leading position as a trusted advisor to wealthy families. Their investment will also enable a transfer of equity to our next generation of business leaders, ensuring we continue to attract and retain the right calibre of staff. This will all be to the benefit of our clients.
“Caledonia’s strong family heritage through the Cayzer family brings with it culture and values that align strongly with our own, and we share a belief in a multi-generational approach to relationships and investments. They are a hugely credible investor and partner and we look forward to developing our relationship over the long term”.
Duncan Johnson, Head of Unquoted Investments at Caledonia Investments plc, said: “Stonehage Fleming is a highly successful firm with an outstanding, award-winning proposition and a client-centric approach. The Group has a rich history and a culture of continuous innovation and adaptation and we have been impressed with the clarity of vision of their strategy, and wanted to back them as they further consolidate their leading position in the family office arena. Caledonia had a very successful investment in Robert Fleming Holdings in the decade up to its acquisition by Chase Manhattan Bank in 2000 and we are delighted to have again become involved in its successor business.
“Stonehage Fleming has developed a very talented, collegiate team we like and respect, and is committed to the continuous progression of its capabilities. As an owner alongside management, our focus is on being a long-term supportive partner, working jointly with Stonehage Fleming to ensure the business continues to grow and develop whilst maintaining its strong culture and delivering excellence for clients.”
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Gay Collins / Toto Reissland-Burghart +44 203 770 7905 / +44 203 770 7907 / stonehagefleming@montfort.london
NOTES TO EDITORS ABOUT STONEHAGE FLEMING Stonehage Fleming is one of the world’s leading independently owned family offices and the largest in Europe, Middle East and Africa (EMEA), as measured by its breadth of services, geographic reach and by assets under management, advice and administration. Stonehage Fleming provides a range of services from long-term strategic planning and investments to day-to-day advice and administration to well over 250 substantial families of wealth. The Group advises on over GBP45bn (USD55bn) of assets and includes an investment business with more than GBP9.9bn (USD12.8bn) under management for families and charities. Stonehage Fleming is majority owned by management and staff. The Group employs over 540 people in 11 offices in eight geographies around the world. For further information about Stonehage Fleming visit: www.stonehagefleming.com
ABOUT CALEDONIA INVESTMENTS plc
Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of £2.0bn as at 30 November 2018. The company maintains a concentrated portfolio of international quoted, unquoted and fund investments and has paid an increasing annual dividend for 51 years. In the unquoted arena, Caledonia typically seeks to invest £25m to £100m in private companies, either on a majority or minority basis, providing a meaningful presence and growth capital supporting double-digit operating margins. Its current unquoted portfolio includes Seven Investment Management (a provider of discretionary fund management, asset management and self-invest platform services), Deep Sea Electronics (a manufacturer of precision engine and generator controls and intelligent battery chargers), Cobehold (a European unquoted investment house), Cooke Optics (a UK manufacturer of premium cinematography lenses), Buzz Bingo (the UK market leading retail bingo operator), and Liberation Group (a Channel Islands and South West England integrated pub and brewing business). For additional information on Caledonia, please visit www.caledonia.com.
Family offices become financial titans
HUSSEIN SAYED, a local anchor with CNBC, a TV network, beams from the stage as he welcomes participants to a conference on family offices (FOs) in Dubai. Among those present are billionaires and their offspring, advisers and money managers, and a smattering of investment-minded blue-bloods, including Prince Michael of Yugoslavia. “We think there may be over $2trn represented in this room,” announces Mr Sayed, “though of course there’s no way of knowing.”
How to ensure the kids don’t blow it all
When it comes to financial planning, most people are concerned simply with saving enough to see out their lives comfortably and perhaps leaving a little for their children or grandchildren. However, some families are in the fortunate position where sufficient wealth has been generated to leave a legacy that can be handed down from generation to generation.
Succession beats wealth preservation as top priority for families
New research by Stonehage Fleming said 69% of respondents spotlighted succession planning as one of their top three concerns for future financial organisation, followed by capital preservation (62%) and tax planning (48%).
The shift in focus to quality succession planning meant a more sophisticated, better structured and increasingly democratic approach to family leadership. The shift prompted a greater emphasis on training and development of young people, better communication and renewed importance on long-term planning.
“Perhaps most important of all, families are concerned about having leaders in place who will see the family through the uncertainties of a changing environment,” the multi family office’s report Practical Wisdom and Leadership for Changing Times said, the third publication in its Four Pillars of Capital series.
Caledonia Investments acquires minority stake in international multi-family office Stonehage Fleming
Stonehage Fleming, one of the world’s leading international family offices, and Caledonia Investments plc (“Caledonia”), the self-managed investment trust, announced today that Caledonia has agreed to acquire a significant minority stake in Stonehage Fleming. The transaction has been approved by both boards and by Stonehage Fleming shareholders representing 91.8% of shares. Completion is expected early in 2019, following formal shareholder and regulatory approvals.
Caledonia’s investment in Stonehage Fleming will represent approximately 36.7% of the firm’s equity, with management and staff remaining the largest shareholders with approximately 50%. This agreement is consistent with Caledonia’s strategy of backing high-quality management teams with drive and the proven ability to generate exceptional long-term shareholder value, and to invest for the long term.
As a strategic minority investor Caledonia will support the Group in realising the next stage of its ambition. Caledonia will provide additional resources and expertise to accelerate the growth of the business both organically and through acquisition, enhancing Stonehage Fleming’s leading position in the family office and ultra-high-net-worth (UHNW) market.
Stonehage Fleming will be led by the current management team who retain day to day operational independence and autonomy, with the current partners continuing in their roles. Two members of the Caledonia investment team will join the Board. Leadership will increase amongst the Next Gen of Stonehage Fleming management, who will also receive additional equity incentives as part of the transaction.
Giuseppe Ciucci, Group CEO of Stonehage Fleming, said: “Caledonia, as a permanent capital investment vehicle, has an excellent record of supporting businesses over the long term and providing wise counsel to the management teams it backs. They intend to make capital available to us to further invest in our people, our proposition and in strategic development that will augment our organic growth and consolidate our leading position as a trusted advisor to wealthy families. Their investment will also enable a transfer of equity to our next generation of business leaders, ensuring we continue to attract and retain the right calibre of staff. This will all be to the benefit of our clients.
“Caledonia’s strong family heritage through the Cayzer family brings with it culture and values that align strongly with our own, and we share a belief in a multi-generational approach to relationships and investments. They are a hugely credible investor and partner and we look forward to developing our relationship over the long term”.
Duncan Johnson, Head of Unquoted Investments at Caledonia Investments plc, said: “Stonehage Fleming is a highly successful firm with an outstanding, award-winning proposition and a client-centric approach. The Group has a rich history and a culture of continuous innovation and adaptation and we have been impressed with the clarity of vision of their strategy, and wanted to back them as they further consolidate their leading position in the family office arena. Caledonia had a very successful investment in Robert Fleming Holdings in the decade up to its acquisition by Chase Manhattan Bank in 2000 and we are delighted to have again become involved in its successor business.
“Stonehage Fleming has developed a very talented, collegiate team we like and respect, and is committed to the continuous progression of its capabilities. As an owner alongside management, our focus is on being a long-term supportive partner, working jointly with Stonehage Fleming to ensure the business continues to grow and develop whilst maintaining its strong culture and delivering excellence for clients.”
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Gay Collins / Toto Reissland-Burghart +44 203 770 7905 / +44 203 770 7907 / stonehagefleming@montfort.london
NOTES TO EDITORS ABOUT STONEHAGE FLEMING Stonehage Fleming is one of the world’s leading independently owned family offices and the largest in Europe, Middle East and Africa (EMEA), as measured by its breadth of services, geographic reach and by assets under management, advice and administration. Stonehage Fleming provides a range of services from long-term strategic planning and investments to day-to-day advice and administration to well over 250 substantial families of wealth. The Group advises on over GBP45bn (USD55bn) of assets and includes an investment business with more than GBP9.9bn (USD12.8bn) under management for families and charities. Stonehage Fleming is majority owned by management and staff. The Group employs over 540 people in 11 offices in eight geographies around the world. For further information about Stonehage Fleming visit: www.stonehagefleming.com
ABOUT CALEDONIA INVESTMENTS plc
Caledonia is a self-managed investment trust company listed on the London Stock Exchange with net assets of £2.0bn as at 30 November 2018. The company maintains a concentrated portfolio of international quoted, unquoted and fund investments and has paid an increasing annual dividend for 51 years. In the unquoted arena, Caledonia typically seeks to invest £25m to £100m in private companies, either on a majority or minority basis, providing a meaningful presence and growth capital supporting double-digit operating margins. Its current unquoted portfolio includes Seven Investment Management (a provider of discretionary fund management, asset management and self-invest platform services), Deep Sea Electronics (a manufacturer of precision engine and generator controls and intelligent battery chargers), Cobehold (a European unquoted investment house), Cooke Optics (a UK manufacturer of premium cinematography lenses), Buzz Bingo (the UK market leading retail bingo operator), and Liberation Group (a Channel Islands and South West England integrated pub and brewing business). For additional information on Caledonia, please visit www.caledonia.com.
Family offices become financial titans
HUSSEIN SAYED, a local anchor with CNBC, a TV network, beams from the stage as he welcomes participants to a conference on family offices (FOs) in Dubai. Among those present are billionaires and their offspring, advisers and money managers, and a smattering of investment-minded blue-bloods, including Prince Michael of Yugoslavia. “We think there may be over $2trn represented in this room,” announces Mr Sayed, “though of course there’s no way of knowing.”
How to ensure the kids don’t blow it all
When it comes to financial planning, most people are concerned simply with saving enough to see out their lives comfortably and perhaps leaving a little for their children or grandchildren. However, some families are in the fortunate position where sufficient wealth has been generated to leave a legacy that can be handed down from generation to generation.
Succession beats wealth preservation as top priority for families
New research by Stonehage Fleming said 69% of respondents spotlighted succession planning as one of their top three concerns for future financial organisation, followed by capital preservation (62%) and tax planning (48%).
The shift in focus to quality succession planning meant a more sophisticated, better structured and increasingly democratic approach to family leadership. The shift prompted a greater emphasis on training and development of young people, better communication and renewed importance on long-term planning.
“Perhaps most important of all, families are concerned about having leaders in place who will see the family through the uncertainties of a changing environment,” the multi family office’s report Practical Wisdom and Leadership for Changing Times said, the third publication in its Four Pillars of Capital series.
Should segmentation be used in cross-border wealth planning?
Johan van Niekerk, partner – head of family office, Neuchâtel – Stonehage Fleming, said:
“Some form of client segmentation is necessary when considering cross-border wealth planning. However, it is not as simple as you would think. We have several fixed offerings, but the way we combine them is tailored to meet the specific needs of the clients.
“Our services have two clear objectives: the successful protection of family wealth and the successful management of family assets. The needs of a professional athlete, who accumulates wealth during a career (which might be shorter than that of an entrepreneur) differs from the needs of an entrepreneur who might have one or several significant liquidity events during her/his lifetime. Because the needs of our families are so diverse, segmentation becomes challenging but not impossible. As an example, we have a dedicated team that look after professional athletes.”
Mega-Family Office Strike Transatlantic Alliance to Woo Wealthy
Two of the world’s biggest multifamily offices are forming an alliance.
Glenmede, based in Philadelphia, and London-based Stonehage Fleming struck a deal to offer investment, trust and family office services to each other’s clients on their respective sides of the Atlantic. The tie-up will allow them to better cater to customers outside of their home markets by sharing tax, investment and trust company services, the companies said in a statement.
Stonehage Fleming and Glenmede Enter into Strategic Alliance
Stonehage Fleming, one of the world’s leading international family offices, and the Glenmede Trust Company, N.A. (“Glenmede”), a private wealth and institutional investment management firm in the United States, today announced they have entered into a strategic alliance, effective immediately. Through this agreement, Stonehage Fleming and Glenmede, the second and third largest independent multi-family offices in the world will expand their respective client offerings and geographical capabilities. Both firms will remain independently managed and privately held.
The relationship will allow Stonehage Fleming to deliver international family office, trust, and investment services to clients of Glenmede in Europe, the Middle East and Africa, and Glenmede to offer investment and corporate trust services to clients of Stonehage Fleming in the United States.
“This agreement enables us to meet the evolving needs of clients across both firms and enhance the services we provide to wealthy families with complex needs,” said Giuseppe Ciucci, Group CEO of Stonehage Fleming. “Our two firms are a strong strategic fit not only due to our complementary capabilities and geographic footprints, but also because we share the fiduciary heritage and values that place the client at the forefront of everything we do. We look forward to a long and successful alliance.”
“Through the formation of this alliance, we will be better positioned to assist our clients with their multi-jurisdictional needs by partnering with a proven and like-minded organisation,” said Gordon Fowler, President and Chief Executive Officer of Glenmede. “Our firms are aligned culturally and philosophically, and our clients will experience an expanded service offering in a seamless manner.”
Mark McMullen, CEO for the Family Office of Stonehage Fleming added, “We have a long history of successful overseas alliances, including Jardine Fleming and T Rowe Price Fleming and believe this will represent an equally fruitful relationship. Compatibility is a key factor behind this agreement, demonstrated already through the engagement of mutual clients to date”.
Susan Mucciarone, Executive Director of Private Wealth at Glenmede, commented, “Since our founding, we have been guided by a singular focus to provide clients with tailored investment and wealth management services, without distraction or conflict of interest. Stonehage Fleming is an ideal firm for us to align ourselves with, as they share an equally determined approach to fulfilling their fiduciary responsibilities for multi-jurisdictional families.” Stonehage Fleming and Glenmede each possess a rich history and a culture of continuous innovation and adaptation, and this agreement formalises a strong existing relationship between the two firms. This alliance is a testament of both firms’ growing need to better serve clients on a global basis.
GBI 5th Anniversary
The Stonehage Fleming Global Best Ideas Equity Fund passed the five year anniversary of its launch in August 2018. We conducted interviews with colleagues from around the business to provide an overview of the fund, the investment strategy which underpins it, and its success to date. Please note that this video is for informational and educational purposes only and is not intended to be a financial promotion or investment advice.
Should segmentation be used in cross-border wealth planning?
Johan van Niekerk, partner – head of family office, Neuchâtel – Stonehage Fleming, said:
“Some form of client segmentation is necessary when considering cross-border wealth planning. However, it is not as simple as you would think. We have several fixed offerings, but the way we combine them is tailored to meet the specific needs of the clients.
“Our services have two clear objectives: the successful protection of family wealth and the successful management of family assets. The needs of a professional athlete, who accumulates wealth during a career (which might be shorter than that of an entrepreneur) differs from the needs of an entrepreneur who might have one or several significant liquidity events during her/his lifetime. Because the needs of our families are so diverse, segmentation becomes challenging but not impossible. As an example, we have a dedicated team that look after professional athletes.”
Mega-Family Office Strike Transatlantic Alliance to Woo Wealthy
Two of the world’s biggest multifamily offices are forming an alliance.
Glenmede, based in Philadelphia, and London-based Stonehage Fleming struck a deal to offer investment, trust and family office services to each other’s clients on their respective sides of the Atlantic. The tie-up will allow them to better cater to customers outside of their home markets by sharing tax, investment and trust company services, the companies said in a statement.
Stonehage Fleming and Glenmede Enter into Strategic Alliance
Stonehage Fleming, one of the world’s leading international family offices, and the Glenmede Trust Company, N.A. (“Glenmede”), a private wealth and institutional investment management firm in the United States, today announced they have entered into a strategic alliance, effective immediately. Through this agreement, Stonehage Fleming and Glenmede, the second and third largest independent multi-family offices in the world will expand their respective client offerings and geographical capabilities. Both firms will remain independently managed and privately held.
The relationship will allow Stonehage Fleming to deliver international family office, trust, and investment services to clients of Glenmede in Europe, the Middle East and Africa, and Glenmede to offer investment and corporate trust services to clients of Stonehage Fleming in the United States.
“This agreement enables us to meet the evolving needs of clients across both firms and enhance the services we provide to wealthy families with complex needs,” said Giuseppe Ciucci, Group CEO of Stonehage Fleming. “Our two firms are a strong strategic fit not only due to our complementary capabilities and geographic footprints, but also because we share the fiduciary heritage and values that place the client at the forefront of everything we do. We look forward to a long and successful alliance.”
“Through the formation of this alliance, we will be better positioned to assist our clients with their multi-jurisdictional needs by partnering with a proven and like-minded organisation,” said Gordon Fowler, President and Chief Executive Officer of Glenmede. “Our firms are aligned culturally and philosophically, and our clients will experience an expanded service offering in a seamless manner.”
Mark McMullen, CEO for the Family Office of Stonehage Fleming added, “We have a long history of successful overseas alliances, including Jardine Fleming and T Rowe Price Fleming and believe this will represent an equally fruitful relationship. Compatibility is a key factor behind this agreement, demonstrated already through the engagement of mutual clients to date”.
Susan Mucciarone, Executive Director of Private Wealth at Glenmede, commented, “Since our founding, we have been guided by a singular focus to provide clients with tailored investment and wealth management services, without distraction or conflict of interest. Stonehage Fleming is an ideal firm for us to align ourselves with, as they share an equally determined approach to fulfilling their fiduciary responsibilities for multi-jurisdictional families.” Stonehage Fleming and Glenmede each possess a rich history and a culture of continuous innovation and adaptation, and this agreement formalises a strong existing relationship between the two firms. This alliance is a testament of both firms’ growing need to better serve clients on a global basis.
GBI 5th Anniversary
The Stonehage Fleming Global Best Ideas Equity Fund passed the five year anniversary of its launch in August 2018. We conducted interviews with colleagues from around the business to provide an overview of the fund, the investment strategy which underpins it, and its success to date. Please note that this video is for informational and educational purposes only and is not intended to be a financial promotion or investment advice.
Book Review: The Wealth Elite
The Wealth Elite: A Groundbreaking Study of the Psychology of the Super Rich by Rainer Zitelmann. Published by LID Publishing
Rainer Zitelmann’s study of the psychology of the super rich is an ambitious project. Few could be better qualified for it than Dr Zitelmann – an historian, sociologist, journalist, businessman and investor.
There has been no comparable study and it is a compelling read for all who need to understand the characteristics and motivations of rich entrepreneurs. These people drive economic growth, back innovation, create jobs and finance philanthropic projects.
A day in the life of a PE investor
This week, we spoke to Richard Clarke-Jervoise (pictured), head of private capital at London-based Stonehage Fleming.
The firm is one of the world’s largest family offices and manages more than $55 billion of assets.
What does a typical day look like for you?
A typical day starts pretty early; it probably involves about an hour’s emailing. Most of our investments involve Asia or the US and so there tends to be quite a heavy traffic of emails overnight. When I get into the office, one of the first things that often happens is preparing for a client meeting with one of my colleagues.
A typical day will involve one or two meetings or calls with private equity managers. This could be an update call with an existing manager to see how their portfolio is getting on, or it could be [with] a manager who is preparing for a fundraise in as much as two or three years’ time. If we are in due diligence on an opportunity, there will typically be meetings or video conferences with that manager or reference calls to other investors and portfolio company CEOs.
There is normally a client call or meeting where we update clients on the investments that we manage for them. The final category, I suppose, is the totally ad-hoc stuff that happens every day. Particularly with ever-increasing regulation, that takes up an increasing part of the day.
Stonehage Fleming Appoints Mona Shah Director of Investment Strategy & Research
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Mona Shah as Director, Investment Strategy and Research in London.
Mona will report into John Veale the Deputy Head of Investments and will be a member of the Investment Committee. She will be responsible for the selection and review of managers for use in multi-asset client portfolios.
With eleven years’ investment and research experience Mona joins Stonehage Fleming from Rathbone Brothers plc, where she was appointed Head of Collectives Research in January 2017. At Rathbones she was responsible for the firm’s long-only and alternatives investment process. Mona led a team of analysts and also contributed to the management of multi-asset collectives.
Commenting on the appointment, John Veale said: “We are very pleased to have Mona join us as a Director in the Investment Strategy and Research team. Mona has had an impressive career and at Stonehage Fleming she will be able to build on her knowledge of investment research, development, and management. Mona understands our integrated approach and we have created this new role in our investment team to match with her skills and experience. She will be a great asset to the Group.”
Mona Shah said: “I am delighted to join Stonehage Fleming in September and work alongside such a talented team. I have been impressed by the firm’s commitment to excellence and strong values. I look forward to contributing to their ongoing success. ”
Mona will join Stonehage Fleming during September 2018.
Book Review: The Wealth Elite
The Wealth Elite: A Groundbreaking Study of the Psychology of the Super Rich by Rainer Zitelmann. Published by LID Publishing
Rainer Zitelmann’s study of the psychology of the super rich is an ambitious project. Few could be better qualified for it than Dr Zitelmann – an historian, sociologist, journalist, businessman and investor.
There has been no comparable study and it is a compelling read for all who need to understand the characteristics and motivations of rich entrepreneurs. These people drive economic growth, back innovation, create jobs and finance philanthropic projects.
A day in the life of a PE investor
This week, we spoke to Richard Clarke-Jervoise (pictured), head of private capital at London-based Stonehage Fleming.
The firm is one of the world’s largest family offices and manages more than $55 billion of assets.
What does a typical day look like for you?
A typical day starts pretty early; it probably involves about an hour’s emailing. Most of our investments involve Asia or the US and so there tends to be quite a heavy traffic of emails overnight. When I get into the office, one of the first things that often happens is preparing for a client meeting with one of my colleagues.
A typical day will involve one or two meetings or calls with private equity managers. This could be an update call with an existing manager to see how their portfolio is getting on, or it could be [with] a manager who is preparing for a fundraise in as much as two or three years’ time. If we are in due diligence on an opportunity, there will typically be meetings or video conferences with that manager or reference calls to other investors and portfolio company CEOs.
There is normally a client call or meeting where we update clients on the investments that we manage for them. The final category, I suppose, is the totally ad-hoc stuff that happens every day. Particularly with ever-increasing regulation, that takes up an increasing part of the day.
Stonehage Fleming Appoints Mona Shah Director of Investment Strategy & Research
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Mona Shah as Director, Investment Strategy and Research in London.
Mona will report into John Veale the Deputy Head of Investments and will be a member of the Investment Committee. She will be responsible for the selection and review of managers for use in multi-asset client portfolios.
With eleven years’ investment and research experience Mona joins Stonehage Fleming from Rathbone Brothers plc, where she was appointed Head of Collectives Research in January 2017. At Rathbones she was responsible for the firm’s long-only and alternatives investment process. Mona led a team of analysts and also contributed to the management of multi-asset collectives.
Commenting on the appointment, John Veale said: “We are very pleased to have Mona join us as a Director in the Investment Strategy and Research team. Mona has had an impressive career and at Stonehage Fleming she will be able to build on her knowledge of investment research, development, and management. Mona understands our integrated approach and we have created this new role in our investment team to match with her skills and experience. She will be a great asset to the Group.”
Mona Shah said: “I am delighted to join Stonehage Fleming in September and work alongside such a talented team. I have been impressed by the firm’s commitment to excellence and strong values. I look forward to contributing to their ongoing success. ”
Mona will join Stonehage Fleming during September 2018.