Stonehage Fleming has signed an agreement with US family office Glenmede Trust Company in an effort to expand their respective client offerings.
The strategic alliance has been entered into with the private wealth and institutional investment company founded by the Pew family.
Both firms will remain independently managed and privately held, however, the relationship will allow Stonehage Fleming to offer international family office, trust, and investment services to clients of Glenmede in Europe, the Middle East and Africa.
The same will be true for Glenmede, which will now be able to offer investment and corporate trust services to Stonehage Fleming clients in the US.
‘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 chief executive 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.’
Mark McMullen (pictured), CEO for the family office arm of Stonehage Fleming, added that the business has a long history of overseas alliances, which includes Jardine Fleming and T Rowe Price Fleming.
Stonehage advises on more than £45 billion of assets, looking after 250 families. It has 11 offices around the world, while Glenmede, headquartered in Philadelphia, has six other branches in the US. Glenmede has $40 billion (£30.8 billion) in assets under management.
Susan Mucciarone, executive director of private wealth at Glenmede, added: ‘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.’
Last month, Stonehage Fleming struck an alliance with Lombard International Assurance, which will give its clients access to Lombard’s unit-linked insurance plans.
UK chief executive Graham Wainer has looked to grow Stonehage Fleming’s wealth planning and investment teams recently, having made a trio of high-profile appointments in the past few months.
The firm hired former Rathbones head of fund research Mona Shah, who joined the family office last month, in the newly created role of director of investment strategy and research.
Stonehage Fleming also bolstered its Jersey office in June with the hire of Paul Matthams, who joined as a partner from offshore law firm Carey Olsen.
The family office also recruited Matthew Brown from Thomas Miller Wealth Management as a director in its wealth planning division.