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.