Stonehage Fleming appoints new Director in Wealth Planning team
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Kate Boswell as Director in the Wealth Planning team.
With over 10 years of advisory experience, Kate joins Stonehage Fleming from Handelsbanken Wealth Management, where she was a Client Director and Head of Private Office – North. In this role, she was responsible for providing integrated investment, financial and tax planning services to the firm’s wealthiest and most complex clients.
Prior to this, Kate qualified as a Chartered Tax Adviser (CTA), doing the majority of her training at Deloitte LLP, London, where she was responsible for providing tax compliance and advisory services to wealthy individuals. Kate is also a trustee of Envision, a youth social action charity. Kate will be based in London and report to Susie Hillier, Head of Wealth Planning.
Commenting on the appointment, Susie Hillier said: “We are very pleased to welcome Kate as a Director at Stonehage Fleming. She has considerable experience in advising entrepreneurs on the management of their wealth outside of their business as well as private equity individuals at all stages of their financial journey. Her experience will contribute significantly to our existing talented and dedicated team. Kate’s appointment (following other senior hires during 2018) demonstrates our commitment to the further growth and development of our wealth planning offering to continue to meet the needs of our UK client base.”
Kate Boswell added: “I am very pleased to join Stonehage Fleming’s wealth planning team and look forward to adding value to both existing and new clients by providing strategic wealth planning advice in conjunction with the wider Stonehage Fleming family services.
Stonehage Fleming appoints Chief Operating Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Glenn Murphy as Chief Operating Officer within the investment management division.
Glenn will be responsible for delivering strategic operating and technology platforms to enable the business to offer robust solutions and improved processes for the benefit of the Group’s clients.
Glenn understands Stonehage Fleming’s integrated approach to investment and wealth management, and the role was created to match his skills and experience. He will work closely with the teams in the investment management division to ensure a seamless offering across the entire Group. With over 20 years’ commercial experience, Glenn joined the Group in November 2018 from Schroders where he was the Technology, Operations & Treasury Lead within the wealth management arm and prior to this he was the Chief Information Officer at London & Capital. He has also worked in lead functions for Schroders, Cazenove Capital, London & Capital and Rathbones.
His role is newly created and effective immediately. Glenn will be based in the London office and report to Graham Wainer, Chief Executive Officer & Head of Investments.
Commenting on the appointment, Graham Wainer, said: “We are very pleased to confirm Glenn as Chief Operating Officer for Stonehage Fleming. Close relationships and a deep understanding of our clients are at the heart of our business. Glenn is the strategic interface between Operations, Technology and Investment Management and his experience will help us to shape, design and deliver our operating model.
He is already contributing significantly to our existing talented and dedicated team. He understands our integrated approach to wealth management and his strong track record is an asset to the Group.”
Glenn Murphy said: “I am thrilled to have joined Stonehage Fleming and to work alongside such a talented team. I have been impressed by the firm’s commitment to excellence, strong values and desire to serve international clients effectively. I look forward to contributing to the continued growth of Stonehage Fleming.” ENDS
Stonehage Fleming appoints new Director in Wealth Planning team
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Kate Boswell as Director in the Wealth Planning team.
With over 10 years of advisory experience, Kate joins Stonehage Fleming from Handelsbanken Wealth Management, where she was a Client Director and Head of Private Office – North. In this role, she was responsible for providing integrated investment, financial and tax planning services to the firm’s wealthiest and most complex clients.
Prior to this, Kate qualified as a Chartered Tax Adviser (CTA), doing the majority of her training at Deloitte LLP, London, where she was responsible for providing tax compliance and advisory services to wealthy individuals. Kate is also a trustee of Envision, a youth social action charity. Kate will be based in London and report to Susie Hillier, Head of Wealth Planning.
Commenting on the appointment, Susie Hillier said: “We are very pleased to welcome Kate as a Director at Stonehage Fleming. She has considerable experience in advising entrepreneurs on the management of their wealth outside of their business as well as private equity individuals at all stages of their financial journey. Her experience will contribute significantly to our existing talented and dedicated team. Kate’s appointment (following other senior hires during 2018) demonstrates our commitment to the further growth and development of our wealth planning offering to continue to meet the needs of our UK client base.”
Kate Boswell added: “I am very pleased to join Stonehage Fleming’s wealth planning team and look forward to adding value to both existing and new clients by providing strategic wealth planning advice in conjunction with the wider Stonehage Fleming family services.
Stonehage Fleming appoints Chief Operating Officer
Stonehage Fleming, one of the world’s leading independently owned family offices, announces the appointment of Glenn Murphy as Chief Operating Officer within the investment management division.
Glenn will be responsible for delivering strategic operating and technology platforms to enable the business to offer robust solutions and improved processes for the benefit of the Group’s clients.
Glenn understands Stonehage Fleming’s integrated approach to investment and wealth management, and the role was created to match his skills and experience. He will work closely with the teams in the investment management division to ensure a seamless offering across the entire Group. With over 20 years’ commercial experience, Glenn joined the Group in November 2018 from Schroders where he was the Technology, Operations & Treasury Lead within the wealth management arm and prior to this he was the Chief Information Officer at London & Capital. He has also worked in lead functions for Schroders, Cazenove Capital, London & Capital and Rathbones.
His role is newly created and effective immediately. Glenn will be based in the London office and report to Graham Wainer, Chief Executive Officer & Head of Investments.
Commenting on the appointment, Graham Wainer, said: “We are very pleased to confirm Glenn as Chief Operating Officer for Stonehage Fleming. Close relationships and a deep understanding of our clients are at the heart of our business. Glenn is the strategic interface between Operations, Technology and Investment Management and his experience will help us to shape, design and deliver our operating model.
He is already contributing significantly to our existing talented and dedicated team. He understands our integrated approach to wealth management and his strong track record is an asset to the Group.”
Glenn Murphy said: “I am thrilled to have joined Stonehage Fleming and to work alongside such a talented team. I have been impressed by the firm’s commitment to excellence, strong values and desire to serve international clients effectively. I look forward to contributing to the continued growth of Stonehage Fleming.” ENDS
Milestones achieved
FOR DECADES, SWITZERLAND has been home to a very active community of highly qualified and widely recognised experts and thought leaders in the field of trusts. One of its most prominent representatives was the late Alfred von Overbeck, Professor of International Private Law at the University of Fribourg, and co-founder and Head of the Swiss Institute of Comparative Law in Lausanne. He also acted as Secretary to the Permanent Office of the Hague Conference for International Private Law. As rapporteur for the Hague Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (the Convention), he was one of the fathers of this most important instrument for the development of the trust concept in civil-law jurisdictions without a developed body of trust law, and for the harmonisation of the rules applicable to this unique legal institution.
Among others, thanks must also be given to Luc Thévenoz, a Professor at the University of Geneva. His relentless engagement in favour of trusts significantly contributed to the Convention being ratified by Switzerland in 2007. Its entry into force on 1 July 2007, together with its implementing legislation, provided certainty regarding the legal treatment of trusts in Switzerland and the ring-fencing of trust assets from the personal assets of the trustee, which was necessary for the development of a Swiss-based trust industry.
The conditions for the development of this industry were greatly enhanced by the adoption, shortly thereafter, of the Circular on the Taxation of Trusts,2 which clarified that trusts and trustees are not subject to Swiss taxes in respect of assets held in trust and income arising on such assets.
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.”
Milestones achieved
FOR DECADES, SWITZERLAND has been home to a very active community of highly qualified and widely recognised experts and thought leaders in the field of trusts. One of its most prominent representatives was the late Alfred von Overbeck, Professor of International Private Law at the University of Fribourg, and co-founder and Head of the Swiss Institute of Comparative Law in Lausanne. He also acted as Secretary to the Permanent Office of the Hague Conference for International Private Law. As rapporteur for the Hague Convention of 1 July 1985 on the Law Applicable to Trusts and on their Recognition (the Convention), he was one of the fathers of this most important instrument for the development of the trust concept in civil-law jurisdictions without a developed body of trust law, and for the harmonisation of the rules applicable to this unique legal institution.
Among others, thanks must also be given to Luc Thévenoz, a Professor at the University of Geneva. His relentless engagement in favour of trusts significantly contributed to the Convention being ratified by Switzerland in 2007. Its entry into force on 1 July 2007, together with its implementing legislation, provided certainty regarding the legal treatment of trusts in Switzerland and the ring-fencing of trust assets from the personal assets of the trustee, which was necessary for the development of a Swiss-based trust industry.
The conditions for the development of this industry were greatly enhanced by the adoption, shortly thereafter, of the Circular on the Taxation of Trusts,2 which clarified that trusts and trustees are not subject to Swiss taxes in respect of assets held in trust and income arising on such assets.
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.
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.