Multifamily Offices Join Forces to Serve Clients in Multiple Jurisdictions
Philadelphia-based Glenmede, one of the largest multifamily offices in the U.S., has formed an alliance with an even larger multifamily office based in London, according to news reports.
Glenmede, which manages $40 billion for close to 2,000 families, is joining forces with Stonehage Fleming, the firm formed in 2014 as a merger between Stonehage and Fleming Family Partners, a firm whose roots stretch back to the grandfather of James Bond novelist Ian Fleming, Bloomberg writes. Stonehage Fleming currently oversees $55 billion, according to the news service.
Through the alliance, clients at each firm will have access to the investment, tax, trust and family services of both companies, Bloomberg writes. The aim of the partnership is to improve how each firm serves clients outside of its home base, the companies said in a statement, according to the news service. Both companies will retain their independent management, Bloomberg writes.
“We’re finding more and more American clients and more and more American residents with multi-jurisdictional relationships, where they need help with not only matters in this country but also with matters outside the U.S.," Glenmede CEO Gordon Fowler tells the news service.