Stonehage Fleming’s 2022 acquisition of Maitland's Private Client Services business not only boosted our service offering with their legal, fiduciary, corporate and investment management expertise but also grew our global reach to 14 locations internationally. Moreover, it brought about the formation of a new division incorporating Corporate, Legal, Tax & Advisory Services (CLTAS), headed up by Partner, Herman Troskie.
One year on, we caught up with Herman on his recent visit to our London offices.
I started out as a lawyer in South Africa and the UK. However, as my career progressed, I found the broader client responsibilities I was given at Maitland to be the most rewarding. I was one of 300 people to join Stonehage Fleming as part of the Maitland acquisition last year. Based in the Luxembourg office, I am chief executive of an exciting new division within Stonehage Fleming. It is a very interesting time for the business.
The new division consists of four main business areas. Corporate Services operates from five offices and provides corporate and private fund solutions. Legal and Tax also operates from five offices and provides a broad range of legal and tax advice to our clients on their wealth structuring and investments. Corporate Finance and Direct Investments advises on directly held investments, and provides corporate finance advice at every stage of the corporate lifecycle. Finally, our Art Management team provides a comprehensive service to private art collectors, foundations and trusts around the world.
The creation of the CLTAS division is a positive development for Stonehage Fleming. Its formation has meant the addition of several jurisdictions and new capabilities to the business to cater to the needs of the families we work with. I am proud of what we have to offer. As a business, I believe we punch well above our weight in the market.
There are several major trends affecting private clients in 2023. These are mainly linked to the fact that many families are facing increasingly complex and unpredictable conditions. Among our client base, we find a growing number of families establishing their own family fund vehicle or investing in private fund vehicles with other families. We are also seeing an increased appetite from private clients towards direct investing, as well as more next generation advice across our client base as many of them integrate into a family business or venture out on their own.