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UHNW families remain committed to ESG investment approach in post covid-19 market environment

19 Oct 2020


UHNW families remain committed to ESG investment approach in post covid-19 market environment


Research from Stonehage Fleming, one of the world’s leading international family offices, has found that ultra-high net worth (UHNW) families have remained committed to ESG investment, despite the impact of COVID-19.

The finding is contained in Stonehage Fleming’s report, ‘Four Pillars of Capital: a time for reflection”, an exclusive survey of 183 multigenerational members of different families and advisers (see ‘Methodology’).

83% of respondents that apply ESG principles to their investments have not wavered from this as a result of the pandemic.

“Demand for ESG investment strategies had been growing steadily before the pandemic, but it looks as though COVID-19 has really accelerated this trend. Socially responsible investment is on the cusp of becoming mainstream - far sooner than we had originally thought possible”, said Mona Shah, Director at Stonehage Fleming Investment Management.

“Rather than simply trying to understand a company’s material ESG risks, we seek to generate specific, tangible and importantly, measurable benefits from the sustainable investments we make, as well as returns that are at least comparable with ordinary shares. There is an increased appetite for this approach as clients look to demonstrate their social capital in their investment philosophy, and measure their impact.”

Already 55% of respondents say they apply ESG or sustainable principles to their investment approach. Of those that do not already take ESG into consideration, 24% have said that COVID-19 will change their investment approach.

Graham Wainer, CEO and Head of Investments at Stonehage Fleming Investment Management, said: “We are very confident that values-based investing can enhance returns, and are happy but not surprised to see that clients’ remain committed to ESG even during times of extreme market uncertainty.”

“We believe we can find excellent opportunities for our clients to use their investments to effect positive change in the way companies engage with the environment, communities and their shareholders.”

ENDS

METHODOLOGY

This paper was drawn from a 42-question survey, completed by some 183 contributors from families and advisers across all jurisdictions. The survey was distributed mid-May 2020 and the survey closed mid-July 2020.

FOR FURTHER INFORMATION, PLEASE CONTACT

Montfort Communications

Toto Reissland/ Pippa Bailey

T +44 (0)7976 908 139 / +44 (0)7738 912 267

stonehagefleming@montfort.london


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Four Pillars of Capital: a time for reflection

05 Oct 2020


Four Pillars of Capital: a time for reflection


The research, conducted over the course of the UK lockdown, assessed the impact of COVID-19 across several areas that determine the long-term sustainability of family wealth. Stonehage Fleming surveyed respondents on themes including the purpose of wealth, the identification and management of risk, succession planning and the next generation, investment attitudes and philanthropy.

Stonehage Fleming found that 40% of respondents do not have a process for identifying, quantifying and mitigating the many and varied risks a family may face.

In addition, the survey showed that family disputes are still considered to be the greatest risk to long term family wealth (34%), followed by lack of future family leadership and direction (32%).

Chris Merry, Chief Executive Officer at Stonehage Fleming said: “We have seen some subtle shifts in the philosophies and practices of the families we support as they reflect on the impact of Covid-19 on their communities and the wider society. This global health crisis has reinforced the need to formalise risk management processes, pay careful attention to leadership matters, and educate and engage the next generation. These actions will all help guide families through future challenges.”

Matthew Fleming, Partner, Head of Family Governance & Succession, at Stonehage Fleming said: Our survey found that over a third of our participants think that there will be a permanent shift in the key priorities of their families as a direct consequence of the pandemic. Such shifts can also lead to beneficial discussions on the overall purpose of the family wealth, and we are pleased to see more families considering putting this into place.”

Almost a quarter of respondents identified failure to engage the next generation as a key risk. 25% stated that there had been changes to roles and responsibilities within the family, with the majority (71%) of this group stating the members of the next generation were playing a more prominent role.

Matthew Fleming adds: “The survey has again emphasised the importance of family leadership and provided overwhelming evidence of how important a role the next generation have played in this during the crisis.”

UHNW FAMILIES ARE DONATING MORE TO CHARITY, BUT still prefer to remain discreet

As a result of COVID-19, just under a third of respondents are actively contributing more to the community and wider society, with 57% having supported projects or causes related to helping combat the pandemic or supporting those most affected by it.

Despite the increased focus on how families and businesses are contributing to their communities and society, 79% of respondents still prefer to remain discreet.

Guy Hudson, Partner and Head of Marketing at Stonehage Fleming said: “Families have increased their philanthropic commitments as a result of the crisis, with many supporting causes directly addressing the effects of the pandemic. Their preference for discretion does mean that the extent of their societal contribution is however not always recognised.”

ENDS

METHODOLOGY

This paper was drawn from a 42-question survey, completed by some 183 contributors from families and advisers across all jurisdictions. The survey was distributed mid-May 2020 and the survey closed mid-July 2020.


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Stonehage Fleming Adopts the Jersey Living Wage Foundation Accreditation

20 Aug 2020


Stonehage Fleming Adopts the Jersey Living Wage Foundation Accreditation


Stonehage Fleming has signed up to the Jersey Living Wage. Along with Jersey Finance, the finance industry’s promotional body and Affinity Private Wealth, they are the first firms in Jersey’s finance industry to make the commitment to be Living Wage employers.

Living wage rates take into account the cost of living, taxes and the value of benefits available to working families on low incomes. Its aim is to make sure that, on average, a worker receiving the living wage rate, topped up by in-work benefits, is able to meet basic living costs. The Living Wage for Jersey is designed to cover essentials like housing, food and transport.

Ian Crosby, Chair of the Jersey Office, Stonehage Fleming said: “We at Stonehage Fleming are very pleased to be Living Wage employers. We are always thinking of ways to do business better. Staff well-being, sustainability, engagement with the local community and supporting our suppliers and their staff are important to us. They are also important to our clients and those people we are looking to recruit. We see this increasingly among the younger generations. We hope to see many more of our friends within the finance industry sign up to become Living Wage employers. It is good for the industry and good for the Island.”

The Jersey Living Wage Campaign Team Leader, Jennifer Bridge, said: “We are delighted that Stonehage Fleming, Jersey Finance and Affinity Private Wealth have signed up to be Living Wage employers. The finance industry has an important role to play in eradicating poverty and reducing inequality in Jersey. Its impact goes beyond those directly employed in finance, where salaries have traditionally been good. The Living Wage campaign is focusing on lifting the wages of cleaners, security guards and other staff of outsourced services which are not directly employed by the industry and where the Living Wage is not so common. We know that there is a growing appetite in Jersey to do business ethically and do it well. Now that we have a number of finance businesses behind the campaign, we hope that others will shortly follow suit.”

Background

Living wage rates take into account the cost of living, taxes and the value of benefits available to working families on low incomes. Its aim is to make sure that, on average, a worker receiving the living wage rate, topped up by in-work benefits, is able to meet basic living costs. Jersey Finance’s policies and procedures have been updated to reflect the Living Wage requirement. Caritas set up an Advisory Committee consisting of the Dean of Jersey, members of other Island Churches, trade unionists, politicians and community leaders.

To find out more about the Living Wage and how to join, please click here.


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Stonehage Fleming acquires investment management activities of Cavendish Asset Management

23 Apr 2020


Stonehage Fleming acquires investment management activities of Cavendish Asset Management


London, 23 April 2020 – Stonehage Fleming (“Stonehage Fleming or “the Group”), the leading independently owned international Family Office, today announces that it has agreed to acquire the investment management activities of Cavendish Asset Management (“Cavendish”), a London based firm established initially to manage the Lewis family's assets that expanded to look after institutional and professional clients including a number of ultra-high-net-worth individuals (UHNWI) and families.

As part of the acquisition, Stonehage Fleming Investment Management (“SFIM”) will take over the management of all client portfolios and Cavendish’s range of four OEIC funds - the Cavendish International Fund, Opportunities Fund, AIM Fund, and Balanced Income Fund. The funds will be rebranded under Stonehage Fleming and will sit alongside its existing range of collective vehicles.

Four members of the Cavendish senior fund management team will transfer to Stonehage Fleming and continue to manage these funds. All Cavendish clients and assets, representing circa £1 billion, are expected to transfer to SFIM’s management on completion of the transaction, likely to be 1st August.

Julian Lewis, currently CIO of Cavendish, will join Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming, as Co-Chair of an Investment Committee which will be established to oversee the management of the Cavendish client families’ assets.

Chris Merry, Stonehage Fleming Group CEO commented: “Notwithstanding the extraordinary environment, this is an important and exciting time for Stonehage Fleming; we have the scale, the range of services and practical wisdom developed over many years to be the partner of choice for wealthy families with complex needs. We have worked hard to build a relationship with Cavendish and its clients over many months, and are very much looking forward to their joining us at Stonehage Fleming”.

Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming Investment Management, added: The families served by Cavendish have taken a positive decision to work with Stonehage Fleming as their investment advisor based on our broad proposition for families, the quality of our investment offering, and the strong cultural fit with our firm. We warmly welcome the Cavendish team and their clients.”

Julian Lewis, CIO of Cavendish commented: “Stonehage Fleming is a highly successful firm with an outstanding, award-winning proposition and a client-centric approach, and will provide an excellent home for our clients and our people. The team and I look forward to joining our new colleagues”.

Stonehage Fleming was advised on the transaction by Stonehage Fleming Corporate Finance and Ashcombe Advisers LLP were advisers to Cavendish Asset Management.


ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT

Montfort Communications

Gay Collins/ Pippa Bailey

+44 (0)7798 626282 / +44 (0)7738 912267

stonehagefleming@montfort.london


Email Copy Link


UHNW families remain committed to ESG investment approach in post covid-19 market environment


Research from Stonehage Fleming, one of the world’s leading international family offices, has found that ultra-high net worth (UHNW) families have remained committed to ESG investment, despite the impact of COVID-19.

The finding is contained in Stonehage Fleming’s report, ‘Four Pillars of Capital: a time for reflection”, an exclusive survey of 183 multigenerational members of different families and advisers (see ‘Methodology’).

83% of respondents that apply ESG principles to their investments have not wavered from this as a result of the pandemic.

“Demand for ESG investment strategies had been growing steadily before the pandemic, but it looks as though COVID-19 has really accelerated this trend. Socially responsible investment is on the cusp of becoming mainstream - far sooner than we had originally thought possible”, said Mona Shah, Director at Stonehage Fleming Investment Management.

“Rather than simply trying to understand a company’s material ESG risks, we seek to generate specific, tangible and importantly, measurable benefits from the sustainable investments we make, as well as returns that are at least comparable with ordinary shares. There is an increased appetite for this approach as clients look to demonstrate their social capital in their investment philosophy, and measure their impact.”

Already 55% of respondents say they apply ESG or sustainable principles to their investment approach. Of those that do not already take ESG into consideration, 24% have said that COVID-19 will change their investment approach.

Graham Wainer, CEO and Head of Investments at Stonehage Fleming Investment Management, said: “We are very confident that values-based investing can enhance returns, and are happy but not surprised to see that clients’ remain committed to ESG even during times of extreme market uncertainty.”

“We believe we can find excellent opportunities for our clients to use their investments to effect positive change in the way companies engage with the environment, communities and their shareholders.”

ENDS

METHODOLOGY

This paper was drawn from a 42-question survey, completed by some 183 contributors from families and advisers across all jurisdictions. The survey was distributed mid-May 2020 and the survey closed mid-July 2020.

FOR FURTHER INFORMATION, PLEASE CONTACT

Montfort Communications

Toto Reissland/ Pippa Bailey

T +44 (0)7976 908 139 / +44 (0)7738 912 267

stonehagefleming@montfort.london


Email Copy Link


Four Pillars of Capital: a time for reflection


The research, conducted over the course of the UK lockdown, assessed the impact of COVID-19 across several areas that determine the long-term sustainability of family wealth. Stonehage Fleming surveyed respondents on themes including the purpose of wealth, the identification and management of risk, succession planning and the next generation, investment attitudes and philanthropy.

Stonehage Fleming found that 40% of respondents do not have a process for identifying, quantifying and mitigating the many and varied risks a family may face.

In addition, the survey showed that family disputes are still considered to be the greatest risk to long term family wealth (34%), followed by lack of future family leadership and direction (32%).

Chris Merry, Chief Executive Officer at Stonehage Fleming said: “We have seen some subtle shifts in the philosophies and practices of the families we support as they reflect on the impact of Covid-19 on their communities and the wider society. This global health crisis has reinforced the need to formalise risk management processes, pay careful attention to leadership matters, and educate and engage the next generation. These actions will all help guide families through future challenges.”

Matthew Fleming, Partner, Head of Family Governance & Succession, at Stonehage Fleming said: Our survey found that over a third of our participants think that there will be a permanent shift in the key priorities of their families as a direct consequence of the pandemic. Such shifts can also lead to beneficial discussions on the overall purpose of the family wealth, and we are pleased to see more families considering putting this into place.”

Almost a quarter of respondents identified failure to engage the next generation as a key risk. 25% stated that there had been changes to roles and responsibilities within the family, with the majority (71%) of this group stating the members of the next generation were playing a more prominent role.

Matthew Fleming adds: “The survey has again emphasised the importance of family leadership and provided overwhelming evidence of how important a role the next generation have played in this during the crisis.”

UHNW FAMILIES ARE DONATING MORE TO CHARITY, BUT still prefer to remain discreet

As a result of COVID-19, just under a third of respondents are actively contributing more to the community and wider society, with 57% having supported projects or causes related to helping combat the pandemic or supporting those most affected by it.

Despite the increased focus on how families and businesses are contributing to their communities and society, 79% of respondents still prefer to remain discreet.

Guy Hudson, Partner and Head of Marketing at Stonehage Fleming said: “Families have increased their philanthropic commitments as a result of the crisis, with many supporting causes directly addressing the effects of the pandemic. Their preference for discretion does mean that the extent of their societal contribution is however not always recognised.”

ENDS

METHODOLOGY

This paper was drawn from a 42-question survey, completed by some 183 contributors from families and advisers across all jurisdictions. The survey was distributed mid-May 2020 and the survey closed mid-July 2020.


Email Copy Link


Stonehage Fleming Adopts the Jersey Living Wage Foundation Accreditation


Stonehage Fleming has signed up to the Jersey Living Wage. Along with Jersey Finance, the finance industry’s promotional body and Affinity Private Wealth, they are the first firms in Jersey’s finance industry to make the commitment to be Living Wage employers.

Living wage rates take into account the cost of living, taxes and the value of benefits available to working families on low incomes. Its aim is to make sure that, on average, a worker receiving the living wage rate, topped up by in-work benefits, is able to meet basic living costs. The Living Wage for Jersey is designed to cover essentials like housing, food and transport.

Ian Crosby, Chair of the Jersey Office, Stonehage Fleming said: “We at Stonehage Fleming are very pleased to be Living Wage employers. We are always thinking of ways to do business better. Staff well-being, sustainability, engagement with the local community and supporting our suppliers and their staff are important to us. They are also important to our clients and those people we are looking to recruit. We see this increasingly among the younger generations. We hope to see many more of our friends within the finance industry sign up to become Living Wage employers. It is good for the industry and good for the Island.”

The Jersey Living Wage Campaign Team Leader, Jennifer Bridge, said: “We are delighted that Stonehage Fleming, Jersey Finance and Affinity Private Wealth have signed up to be Living Wage employers. The finance industry has an important role to play in eradicating poverty and reducing inequality in Jersey. Its impact goes beyond those directly employed in finance, where salaries have traditionally been good. The Living Wage campaign is focusing on lifting the wages of cleaners, security guards and other staff of outsourced services which are not directly employed by the industry and where the Living Wage is not so common. We know that there is a growing appetite in Jersey to do business ethically and do it well. Now that we have a number of finance businesses behind the campaign, we hope that others will shortly follow suit.”

Background

Living wage rates take into account the cost of living, taxes and the value of benefits available to working families on low incomes. Its aim is to make sure that, on average, a worker receiving the living wage rate, topped up by in-work benefits, is able to meet basic living costs. Jersey Finance’s policies and procedures have been updated to reflect the Living Wage requirement. Caritas set up an Advisory Committee consisting of the Dean of Jersey, members of other Island Churches, trade unionists, politicians and community leaders.

To find out more about the Living Wage and how to join, please click here.


Email Copy Link


Stonehage Fleming acquires investment management activities of Cavendish Asset Management


London, 23 April 2020 – Stonehage Fleming (“Stonehage Fleming or “the Group”), the leading independently owned international Family Office, today announces that it has agreed to acquire the investment management activities of Cavendish Asset Management (“Cavendish”), a London based firm established initially to manage the Lewis family's assets that expanded to look after institutional and professional clients including a number of ultra-high-net-worth individuals (UHNWI) and families.

As part of the acquisition, Stonehage Fleming Investment Management (“SFIM”) will take over the management of all client portfolios and Cavendish’s range of four OEIC funds - the Cavendish International Fund, Opportunities Fund, AIM Fund, and Balanced Income Fund. The funds will be rebranded under Stonehage Fleming and will sit alongside its existing range of collective vehicles.

Four members of the Cavendish senior fund management team will transfer to Stonehage Fleming and continue to manage these funds. All Cavendish clients and assets, representing circa £1 billion, are expected to transfer to SFIM’s management on completion of the transaction, likely to be 1st August.

Julian Lewis, currently CIO of Cavendish, will join Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming, as Co-Chair of an Investment Committee which will be established to oversee the management of the Cavendish client families’ assets.

Chris Merry, Stonehage Fleming Group CEO commented: “Notwithstanding the extraordinary environment, this is an important and exciting time for Stonehage Fleming; we have the scale, the range of services and practical wisdom developed over many years to be the partner of choice for wealthy families with complex needs. We have worked hard to build a relationship with Cavendish and its clients over many months, and are very much looking forward to their joining us at Stonehage Fleming”.

Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming Investment Management, added: The families served by Cavendish have taken a positive decision to work with Stonehage Fleming as their investment advisor based on our broad proposition for families, the quality of our investment offering, and the strong cultural fit with our firm. We warmly welcome the Cavendish team and their clients.”

Julian Lewis, CIO of Cavendish commented: “Stonehage Fleming is a highly successful firm with an outstanding, award-winning proposition and a client-centric approach, and will provide an excellent home for our clients and our people. The team and I look forward to joining our new colleagues”.

Stonehage Fleming was advised on the transaction by Stonehage Fleming Corporate Finance and Ashcombe Advisers LLP were advisers to Cavendish Asset Management.


ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT

Montfort Communications

Gay Collins/ Pippa Bailey

+44 (0)7798 626282 / +44 (0)7738 912267

stonehagefleming@montfort.london


Email Copy Link

Direct Investment clients invest in $10m series A fundraising by London-based digital learning company Bibliu

17 Apr 2020


Direct Investment clients invest in $10m series A fundraising by London-based digital learning company Bibliu


BibliU is a leading London-based digital learning platform which provides digital content solutions for higher educational institutions and publishers. It is currently working with c. 100 universities in the UK, US and Europe.

Stonehage Fleming Advisory’s clients are investing alongside leading UK impact foundation Nesta Impact Ventures, who led the round, Guinness Asset Management, and existing investor Oxford Sciences Innovation.

The investment was led by Richard Hill and Anastasia Shvetsova.

Richard Hill, Partner and Chief Executive of Stonehage Fleming Advisory, commented:“We are excited about this latest direct investment for our clients and the prospects for the business. It fits very well with our strategy of advising those of our clients that seek direct private equity investment, and offering them appropriate direct investment and co-investment opportunities sourced through our network.

We have been following BibliU for some time and have been impressed with its progress. We support BibliU’s mission to provide accessible education and resources to every student in a sustainable manner, reducing the significant carbon footprint of the publishing industry. With a growing presence in both the UK and the US, we think BibliU is well placed to benefit from the ongoing digital transformation of the education sector.”

Dave Sherwood, CEO of BibliU Limited, commented:“We are delighted to have Stonehage Fleming clients as investors in BibliU and look forward to continuing to work together. Their investment as part of our oversubscribed Series A fundraising will help accelerate the growth of BibliU, and deliver our unique platform to more universities, helping to improve the accessibility of education resources for students globally. We are grateful for their trust in the BibliU team, their financial support and ongoing expertise.”

The direct investment in BibliU is the latest opportunity sourced through the Stonehage Fleming network which has strong impact credentials and follows on from the direct co-investment by Stonehage Fleming clients alongside MW&L Capital Partners in Well Safe Solutions, a specialist oil well decommissioning company, which was announced in late 2019.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT

Montfort Communications

Claire Lewis

+44 (0)7825 588626

stonehagefleming@montfort.london


Email Copy Link

COVID-19: How we are responding

16 Mar 2020


COVID-19: How we are responding


The COVID-19 Coronavirus continues to spread aggressively. We wanted to let you know what we are doing to protect our business, our people and our clients at this uncertain time.

Stonehage Fleming has robust Business Continuity Plans in place across the business which are routinely tested to ensure we are as prepared as we can be to fulfil our responsibilities to our clients, irrespective of the circumstances and operating environment we may encounter.

In addition to the recovery arrangements we have in place in the event of systems failures or office closures, we recognise the most valuable asset is our people. In the current environment our primary focus is on minimising the risk to them, both for their own wellbeing and so we can maintain our services at the level our clients are entitled to expect.

What preparations are we making in response to a potential widespread outbreak in the locations where we operate?

  • A team comprising our Executive Committee and other members of our leadership team from across key services and support functions is meeting at least twice weekly to evaluate the situation as it evolves and respond accordingly.
  • We’re monitoring and acting on the advice of Governments in the territories in which we operate, the World Health Organisation and other authorities such as the Centre for Disease Control and Prevention.
  • We are communicating with our colleagues and providing regularly updated guidance as to how we can minimise the risk of staff contracting and/or communicating the virus.
  • Whilst at this point we do not have any colleagues who are confirmed as having the virus, anyone exhibiting symptoms has been instructed to self-isolate until such time as the symptoms have disappeared.

What precautions are we taking?

Travel

  • We have suspended business travel not just to “Category One” countries (i.e. those currently worst affected by the virus) but in general.
  • Meetings with clients requiring international travel are by exception and only permissible in extremis. Whilst we obviously want to maintain contact with our clients at the level they require, we have a responsibility to our clients, business partners and to our people to minimise risk wherever possible and curtailing travel is an obvious and straightforward means of so doing.
  • Interoffice travel is again by exception and we are strongly encouraging both clients and staff to meet by video or audio conference wherever possible.
  • Anyone who has travelled through Category One areas is excluded from our offices for 14 days from the date of their return.

Flexible and remote working

  • We already enable our colleagues to work flexibly and to have full access to our operational infrastructure irrespective of their location, and a significant number are already working at home across our Group.
  • We have physically split and redeployed members of some teams so that in the event of illness within the team we have the necessary resources in place to continue service provision to our clients.
  • Being an international business we have “built-in” diversification of risk, with specialist resources in the various regions in which we operate, and we have the capacity to redeploy colleagues as circumstances require.

Other

  • We have cancelled or postponed certain client and staff events until such time as the situation improves.
  • Events scheduled for the future will be reviewed and a decision taken given the circumstances at the time, in the best interests of our clients and our people.

What are we doing to ensure the continuity of our supply chain?

  • We’re in contact with our suppliers and service partners who have contractual obligations to support us, and require them to demonstrate how they are intending to ensure the continuity of the supply of goods and services to us.
  • Where appropriate we are increasing our inventory of core technology products essential to running our operations and allowing our colleagues to work flexibly and remotely.

Please do contact us if we can provide you with additional information: enquiries@stonehagefleming.com


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Stonehage Fleming advises shareholders of Cinesite on the investment by Gryphion Capital

13 Jan 2020


Stonehage Fleming advises shareholders of Cinesite on the investment by Gryphion Capital


Stonehage Fleming Advisory, the corporate finance and direct investments business of Stonehage Fleming, announces that it advised the shareholders of Cinesite Media Holdings on the significant minority investment by Gryphion Capital Investments, a private investment vehicle that invests capital on behalf of Rob Thielen, the founder of Waterland Private Equity, and other private investors.

Cinesite is a leading and award-winning digital entertainment business providing visual effects and animation to the global film, TV and streaming industries. Headquartered in London, Cinesite operates world class facilities in Berlin, Montreal, Munich and Vancouver.

Stonehage Fleming Advisory’s Richard Hill and Nicolas Begin introduced Gryphion to the opportunity and advised the shareholders of Cinesite on the transaction, building on Stonehage Fleming’s reputation for working with fast growing private companies backed by successful entrepreneurs.
Richard Hill, Partner and Chief Executive of Stonehage Fleming Advisory, commented: “It’s a core part of Stonehage Fleming’s proposition to advise entrepreneurs on their business interests as well as their broader wealth. We were pleased to be able to assist Cinesite’s shareholders in identifying a suitable financial partner for the next stage of Cinesite’s development.”

Peter Nagle, Executive Chairman of Cinesite, said: “We have known Stonehage Fleming for a long time and were delighted that Richard and his team were able to identify the right financial partner for our business through their extensive global network of family offices and private investors. This partnership will enable us to accelerate the growth of Cinesite and take advantage of new opportunities.”


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Stonehage Fleming appoints Non-Executive Director to Boards in South Africa

21 Oct 2019


Stonehage Fleming appoints Non-Executive Director to Boards in South Africa


Stonehage Fleming has recently welcomed Fred Robertson to the Stonehage Fleming family as a Non-Executive Board member on its local Board of Directors.

His impressive resume reflects over 3 decades of experience on both the national and international business stage. He currently serves as the Executive Chairman of Brimstone Investment Corporation Ltd, a JSE-listed investment
company which he co-founded in 1995. His other non-executive chairmanships include Lion of Africa Life Assurance Company Ltd and the JSE-listed Sea Harvest Ltd.

Furthermore, he serves as a non-executive director on the boards of Remgro Limited, Aon Re Africa (Pty) Ltd, Swiss Re Africa Ltd and Sea Harvest Australia Pty Ltd. In 2014, Fred received the South African Entrepreneur of the Year Award at the prestigious CNBC AFRICA All Africa Business Leadership Awards (AABLA), recognising his significant contribution to the South African business landscape. He also received the Kaapstad Sakekamer’s Sakeleier van die Jaar Award and Black Management Forum Business Leadership Award.

In 2016, he was the recipient of an Honorary Doctorate in Philosophy from the University of the Western Cape, where he currently serves as a Chairman of the Board of Trustees.

“Fred’s distinguished business career makes him a valuable addition to our Boards in South Africa. His extensive experience in the business community here and his pragmatic insights will contribute significantly to the further development of our service offering and the future growth of our firm”, says South African CEO, Johan Van Zyl.


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Direct Investment clients invest in $10m series A fundraising by London-based digital learning company Bibliu


BibliU is a leading London-based digital learning platform which provides digital content solutions for higher educational institutions and publishers. It is currently working with c. 100 universities in the UK, US and Europe.

Stonehage Fleming Advisory’s clients are investing alongside leading UK impact foundation Nesta Impact Ventures, who led the round, Guinness Asset Management, and existing investor Oxford Sciences Innovation.

The investment was led by Richard Hill and Anastasia Shvetsova.

Richard Hill, Partner and Chief Executive of Stonehage Fleming Advisory, commented:“We are excited about this latest direct investment for our clients and the prospects for the business. It fits very well with our strategy of advising those of our clients that seek direct private equity investment, and offering them appropriate direct investment and co-investment opportunities sourced through our network.

We have been following BibliU for some time and have been impressed with its progress. We support BibliU’s mission to provide accessible education and resources to every student in a sustainable manner, reducing the significant carbon footprint of the publishing industry. With a growing presence in both the UK and the US, we think BibliU is well placed to benefit from the ongoing digital transformation of the education sector.”

Dave Sherwood, CEO of BibliU Limited, commented:“We are delighted to have Stonehage Fleming clients as investors in BibliU and look forward to continuing to work together. Their investment as part of our oversubscribed Series A fundraising will help accelerate the growth of BibliU, and deliver our unique platform to more universities, helping to improve the accessibility of education resources for students globally. We are grateful for their trust in the BibliU team, their financial support and ongoing expertise.”

The direct investment in BibliU is the latest opportunity sourced through the Stonehage Fleming network which has strong impact credentials and follows on from the direct co-investment by Stonehage Fleming clients alongside MW&L Capital Partners in Well Safe Solutions, a specialist oil well decommissioning company, which was announced in late 2019.

ENDS

FOR FURTHER INFORMATION, PLEASE CONTACT

Montfort Communications

Claire Lewis

+44 (0)7825 588626

stonehagefleming@montfort.london


Email Copy Link


COVID-19: How we are responding


The COVID-19 Coronavirus continues to spread aggressively. We wanted to let you know what we are doing to protect our business, our people and our clients at this uncertain time.

Stonehage Fleming has robust Business Continuity Plans in place across the business which are routinely tested to ensure we are as prepared as we can be to fulfil our responsibilities to our clients, irrespective of the circumstances and operating environment we may encounter.

In addition to the recovery arrangements we have in place in the event of systems failures or office closures, we recognise the most valuable asset is our people. In the current environment our primary focus is on minimising the risk to them, both for their own wellbeing and so we can maintain our services at the level our clients are entitled to expect.

What preparations are we making in response to a potential widespread outbreak in the locations where we operate?

  • A team comprising our Executive Committee and other members of our leadership team from across key services and support functions is meeting at least twice weekly to evaluate the situation as it evolves and respond accordingly.
  • We’re monitoring and acting on the advice of Governments in the territories in which we operate, the World Health Organisation and other authorities such as the Centre for Disease Control and Prevention.
  • We are communicating with our colleagues and providing regularly updated guidance as to how we can minimise the risk of staff contracting and/or communicating the virus.
  • Whilst at this point we do not have any colleagues who are confirmed as having the virus, anyone exhibiting symptoms has been instructed to self-isolate until such time as the symptoms have disappeared.

What precautions are we taking?

Travel

  • We have suspended business travel not just to “Category One” countries (i.e. those currently worst affected by the virus) but in general.
  • Meetings with clients requiring international travel are by exception and only permissible in extremis. Whilst we obviously want to maintain contact with our clients at the level they require, we have a responsibility to our clients, business partners and to our people to minimise risk wherever possible and curtailing travel is an obvious and straightforward means of so doing.
  • Interoffice travel is again by exception and we are strongly encouraging both clients and staff to meet by video or audio conference wherever possible.
  • Anyone who has travelled through Category One areas is excluded from our offices for 14 days from the date of their return.

Flexible and remote working

  • We already enable our colleagues to work flexibly and to have full access to our operational infrastructure irrespective of their location, and a significant number are already working at home across our Group.
  • We have physically split and redeployed members of some teams so that in the event of illness within the team we have the necessary resources in place to continue service provision to our clients.
  • Being an international business we have “built-in” diversification of risk, with specialist resources in the various regions in which we operate, and we have the capacity to redeploy colleagues as circumstances require.

Other

  • We have cancelled or postponed certain client and staff events until such time as the situation improves.
  • Events scheduled for the future will be reviewed and a decision taken given the circumstances at the time, in the best interests of our clients and our people.

What are we doing to ensure the continuity of our supply chain?

  • We’re in contact with our suppliers and service partners who have contractual obligations to support us, and require them to demonstrate how they are intending to ensure the continuity of the supply of goods and services to us.
  • Where appropriate we are increasing our inventory of core technology products essential to running our operations and allowing our colleagues to work flexibly and remotely.

Please do contact us if we can provide you with additional information: enquiries@stonehagefleming.com


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Stonehage Fleming advises shareholders of Cinesite on the investment by Gryphion Capital


Stonehage Fleming Advisory, the corporate finance and direct investments business of Stonehage Fleming, announces that it advised the shareholders of Cinesite Media Holdings on the significant minority investment by Gryphion Capital Investments, a private investment vehicle that invests capital on behalf of Rob Thielen, the founder of Waterland Private Equity, and other private investors.

Cinesite is a leading and award-winning digital entertainment business providing visual effects and animation to the global film, TV and streaming industries. Headquartered in London, Cinesite operates world class facilities in Berlin, Montreal, Munich and Vancouver.

Stonehage Fleming Advisory’s Richard Hill and Nicolas Begin introduced Gryphion to the opportunity and advised the shareholders of Cinesite on the transaction, building on Stonehage Fleming’s reputation for working with fast growing private companies backed by successful entrepreneurs.
Richard Hill, Partner and Chief Executive of Stonehage Fleming Advisory, commented: “It’s a core part of Stonehage Fleming’s proposition to advise entrepreneurs on their business interests as well as their broader wealth. We were pleased to be able to assist Cinesite’s shareholders in identifying a suitable financial partner for the next stage of Cinesite’s development.”

Peter Nagle, Executive Chairman of Cinesite, said: “We have known Stonehage Fleming for a long time and were delighted that Richard and his team were able to identify the right financial partner for our business through their extensive global network of family offices and private investors. This partnership will enable us to accelerate the growth of Cinesite and take advantage of new opportunities.”


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Stonehage Fleming appoints Non-Executive Director to Boards in South Africa


Stonehage Fleming has recently welcomed Fred Robertson to the Stonehage Fleming family as a Non-Executive Board member on its local Board of Directors.

His impressive resume reflects over 3 decades of experience on both the national and international business stage. He currently serves as the Executive Chairman of Brimstone Investment Corporation Ltd, a JSE-listed investment
company which he co-founded in 1995. His other non-executive chairmanships include Lion of Africa Life Assurance Company Ltd and the JSE-listed Sea Harvest Ltd.

Furthermore, he serves as a non-executive director on the boards of Remgro Limited, Aon Re Africa (Pty) Ltd, Swiss Re Africa Ltd and Sea Harvest Australia Pty Ltd. In 2014, Fred received the South African Entrepreneur of the Year Award at the prestigious CNBC AFRICA All Africa Business Leadership Awards (AABLA), recognising his significant contribution to the South African business landscape. He also received the Kaapstad Sakekamer’s Sakeleier van die Jaar Award and Black Management Forum Business Leadership Award.

In 2016, he was the recipient of an Honorary Doctorate in Philosophy from the University of the Western Cape, where he currently serves as a Chairman of the Board of Trustees.

“Fred’s distinguished business career makes him a valuable addition to our Boards in South Africa. His extensive experience in the business community here and his pragmatic insights will contribute significantly to the further development of our service offering and the future growth of our firm”, says South African CEO, Johan Van Zyl.


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Stonehage Fleming launches Global Sustainable Investment Portfolios

08 Oct 2019


Stonehage Fleming launches Global Sustainable Investment Portfolios


On 8th October 2019 Stonehage Fleming Investment Management (“SFIM”), the UK investment division of one of the world’s leading international Family Offices, announced the launch of its Global Sustainable Investment Portfolios (“GSIP”).

SFIM currently manage GBP 7.4 bn in mainstream multi-asset portfolios. GSIP will utilise the Group’s existing multi-asset investment process, with the same investment and performance objectives, but socially responsible objectives will also be applied. Stonehage Fleming construct portfolios by selecting funds managed by managers from across the industry, blending their skills to meet a variety of risk-return objectives.

Mona Shah, Director at Stonehage Fleming Investment Management, says: “We strongly believe that values-based investing does not need to compromise returns. By launching our Global Sustainable Investment Portfolios, we are helping clients to achieve their maximum impact potential in line with their values. The managers we select will pass a high threshold of qualitative and quantitative analysis, of both their investment processes and their ESG credentials.”

The overlap in funds between GSIP and the Group’s existing portfolios is very low as the Fund Managers selected will be required to overcome different and demanding hurdles to be included, such as their approach to Governance, and impact methodologies.

GSIP will initially be focused on equities, fixed income, alternatives and cash. The headline asset allocation and the risk-adjusted targets will be very similar to the mainstream portfolios.

Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming Investment Management, adds: “Equity investments will constitute the largest position in GSIP, but we are also excited by the opportunities within fixed income, which has been largely overlooked by ESG investors to date. Bond investors have longer time horizons than their equity peers, and more nuanced relationships with management teams and, critically, with governments. This will be an important asset class for GSIP.”

Guy Hudson, Partner and Head of Group Marketing at Stonehage Fleming, concludes: “Our proprietary research piece, ‘The Four Pillars of Capital’ (2018), showed that 75% of respondents wanted their values to be reflected in their investments but only 21% were actively taking this approach. We see socially responsible investing as a vital expression of our clients’ “social capital”, or the way they engage with and contribute to wider society. In launching our Global Sustainable Investment Portfolios, we are responding to significantly increased client interest in using their capital to effect positive change in the way companies engage with the environment, communities and their shareholders.”

The Global Sustainable Investment Portfolios are available now to clients of Stonehage Fleming via a segregated discretionary mandate. Further details can be found here: www.stonehagefleming.com/investments/esg

This document is issued by Stonehage Fleming Investment Management Limited which is authorised and regulated in the UK by the Financial Conduct Authority and in South Africa by the Financial Sector Conduct Authority (FSP No: 46194). The registered office is 15 Suffolk Street, London, SW1Y 4HG. Registered in England No. OC4027720.

All investments risk the loss of capital. No guarantee or representation is made that the investments will achieve their investment objective. The value of investments may go down as well as up and, for products designed to return income, the distributions can also go down or up and you may not receive back the full value of your initial investment. Investments may have risks regarding liquidity, the repatriation of funds, political and macroeconomic situations, foreign exchange, tax, settlement, and the availability of market information. The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information on this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.


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Stonehage Fleming appoints new Chairman

01 Oct 2019


Stonehage Fleming appoints new Chairman


Stonehage Fleming (“Stonehage Fleming” or “the Group”), the leading independently owned international Family Office, today announces the appointment of John Connolly as Chairman of the Board. John brings extensive corporate and professional services experience to Stonehage Fleming, having held several significant chairmanships during a career that includes 45 years at accountancy and business services firm Deloitte, where he was ultimately made Senior Partner and Global Chairman.

He currently chairs the FTSE 100 company G4S, and was chairman of Amec Foster Wheeler, also a FTSE 100, before it merged with Wood Group. He is also Executive Chairman of Cogital Group. John was Chairman of Great Ormond Street Hospital Charity until earlier this year and is a Council Member of the CBI. The appointment of John to Chairman of the Board is effective as of 1 October 2019. He succeeds Charles Erasmus, who has served on the Board of Stonehage, and then as Chairman of Stonehage and Stonehage Fleming, for the past two decades.

Chris Merry, Group CEO, Stonehage Fleming, said: “John’s distinguished track record in both the professional services and corporate world makes him the ideal Chairman for Stonehage Fleming. His extensive experience and strategic vision will contribute enormously to shaping the future growth of the firm.”

Giuseppe Ciucci, Managing Partner and Deputy Chairman of Stonehage Fleming, paid tribute to outgoing Chairman, Charles Erasmus. “Over the last 20 years, Charles has overseen the evolution of our business from a niche trust and fiduciary company, to the full service, broadly diversified international family advisory business we are so proud of today.

We are very grateful to him.” Following his appointment as Chairman of Stonehage Fleming, John Connolly said: “I have been most impressed by Stonehage Fleming’s excellent reputation, its client-centric approach and the quality and ambition of its people. It’s an exciting time to be taking on this role and I am looking forward to working with a business that has such great potential for further growth, and with a team that has redefined the modern Family Office.”


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Stonehage Fleming appoints new Partner in South Africa

20 Sep 2019


Stonehage Fleming appoints new Partner in South Africa


Stonehage Fleming welcomes Dr Charl du Toit to the Stonehage Fleming family in South Africa. Starting 1 November, Charl has been appointed as Partner in the South African Family Office Division, with responsibility for Tax Advisory services. He will be based in the Group’s Cape Town office.

Charl brings with him almost 40 years financial services experience and three decades of specialist experience within the corporate international tax arena. He joins the company from PricewaterhouseCoopers, where he was a tax partner. He has also consulted to a wide range of South African and international groups including several JSE listed companies. In addition, Charl has extensive experience advising families on cross-border trust and corporate structures. He also served as President of the South African Fiscal Association for twelve years.

An international published author, his book titled “The beneficial ownership of royalties in bilateral tax treaties”, is a reference source consistently used by tax practitioners and universities around the world. He is a regular speaker at both local and international tax seminars and has been instrumental in effecting a number of amendments to tax legislation in Parliament.

Charl is a qualified Chartered Accountant, holding several degrees including a Bachelor of Agriculture degree (Cum Laude) from the University of Stellenbosch, a Bachelor of Commerce degree with Honours in Taxation and a Masters in Philosophy in Tax Law from the University of Cape Town, as well as a PHD in International Tax Law from the University of Amsterdam.

Giuseppe Ciucci, Managing Partner of Stonehage Fleming, said:

“As a Group, we have worked closely with Charl over the past 15 years and have always held him in the highest regard. In the global family office environment, the need for specialist expertise in tax and estate planning has become increasingly important. We are therefore delighted to welcome Charl as a Partner to Stonehage Fleming and look forward to more of our clients benefiting from his significant experience and skill set.”


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Stonehage Fleming appoints new CEO

03 Sep 2019


Stonehage Fleming appoints new CEO


Formerly CEO of Ipes, a leading European provider of fund administration and outsourcing services, Chris Merry’s appointment is effective from 3 September 2019. He will be based in Stonehage Fleming’s London office.

Chris will be taking over from Giuseppe Ciucci, Stonehage Fleming Group CEO since 1997. Mr. Ciucci will remain in a full-time executive capacity as Managing Partner, concentrating first and foremost on serving existing clients as well as building new client relationships. He will also become Deputy Chairman of the Board, where he will continue to contribute to the strategic direction of the firm.

In a highly distinguished career that has spanned both financial and professional services businesses, Chris has a proven track record as an experienced and effective CEO. As well as his five-year tenure at Ipes, Chris has also served as CEO of RSM Tenon, the UK accounting firm later acquired by Baker Tilly, and at Matrix Group, a privately held boutique financial services firm. He was the Finance Director for Clifford Chance, a leading global law firm, prior to which he was a Partner at PwC, with experience in London, New York and Shanghai.

Giuseppe Ciucci, Managing Partner, Stonehage Fleming, said: “After 22 years as Group CEO the time is now right to appoint a new person to this role, to bring some fresh ideas and direction and enable me to concentrate first and foremost on serving our clients. It has given me great pride and pleasure to lead such a talented team in transforming our business into the leading European multi-family office.”

“We are delighted to have been able to appoint Chris as our new CEO. He will bring exceptional experience and vision to his new role at Stonehage Fleming. Importantly, he is widely known for his practical as well as his strategic skills, which are critical to a business like ours as we seek to expand upon our truly unique proposition and consolidate our leading position as advisers to wealthy international families.”

Stonehage Fleming Group CEO Chris Merry said: “Stonehage Fleming has a remarkable position in its market, and this has been endorsed by Caledonia’s decision to make such a significant investment in the future of the firm.”

“Stonehage Fleming has a strong culture, an enviable array of services and unrivalled experience in counselling families across the entirety of their wealth. Anchored by a founding family now in its sixth generation, the firm has also demonstrated its ability to understand the requirements of a contemporary audience. I am excited to work with a team that has redefined the modern Family Office.”


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Stonehage Fleming launches Global Sustainable Investment Portfolios


On 8th October 2019 Stonehage Fleming Investment Management (“SFIM”), the UK investment division of one of the world’s leading international Family Offices, announced the launch of its Global Sustainable Investment Portfolios (“GSIP”).

SFIM currently manage GBP 7.4 bn in mainstream multi-asset portfolios. GSIP will utilise the Group’s existing multi-asset investment process, with the same investment and performance objectives, but socially responsible objectives will also be applied. Stonehage Fleming construct portfolios by selecting funds managed by managers from across the industry, blending their skills to meet a variety of risk-return objectives.

Mona Shah, Director at Stonehage Fleming Investment Management, says: “We strongly believe that values-based investing does not need to compromise returns. By launching our Global Sustainable Investment Portfolios, we are helping clients to achieve their maximum impact potential in line with their values. The managers we select will pass a high threshold of qualitative and quantitative analysis, of both their investment processes and their ESG credentials.”

The overlap in funds between GSIP and the Group’s existing portfolios is very low as the Fund Managers selected will be required to overcome different and demanding hurdles to be included, such as their approach to Governance, and impact methodologies.

GSIP will initially be focused on equities, fixed income, alternatives and cash. The headline asset allocation and the risk-adjusted targets will be very similar to the mainstream portfolios.

Graham Wainer, Chief Executive Officer and Head of Investments at Stonehage Fleming Investment Management, adds: “Equity investments will constitute the largest position in GSIP, but we are also excited by the opportunities within fixed income, which has been largely overlooked by ESG investors to date. Bond investors have longer time horizons than their equity peers, and more nuanced relationships with management teams and, critically, with governments. This will be an important asset class for GSIP.”

Guy Hudson, Partner and Head of Group Marketing at Stonehage Fleming, concludes: “Our proprietary research piece, ‘The Four Pillars of Capital’ (2018), showed that 75% of respondents wanted their values to be reflected in their investments but only 21% were actively taking this approach. We see socially responsible investing as a vital expression of our clients’ “social capital”, or the way they engage with and contribute to wider society. In launching our Global Sustainable Investment Portfolios, we are responding to significantly increased client interest in using their capital to effect positive change in the way companies engage with the environment, communities and their shareholders.”

The Global Sustainable Investment Portfolios are available now to clients of Stonehage Fleming via a segregated discretionary mandate. Further details can be found here: www.stonehagefleming.com/investments/esg

This document is issued by Stonehage Fleming Investment Management Limited which is authorised and regulated in the UK by the Financial Conduct Authority and in South Africa by the Financial Sector Conduct Authority (FSP No: 46194). The registered office is 15 Suffolk Street, London, SW1Y 4HG. Registered in England No. OC4027720.

All investments risk the loss of capital. No guarantee or representation is made that the investments will achieve their investment objective. The value of investments may go down as well as up and, for products designed to return income, the distributions can also go down or up and you may not receive back the full value of your initial investment. Investments may have risks regarding liquidity, the repatriation of funds, political and macroeconomic situations, foreign exchange, tax, settlement, and the availability of market information. The material contained in this document is not to be regarded as an offer to buy or sell or the solicitation of any offer to buy or sell securities in any jurisdiction where such an offer or solicitation is against the law, or to anyone to whom it is unlawful to make such an offer or solicitation, or if the person making the offer or solicitation is not qualified to do so. The information on this document does not constitute legal, tax, or investment advice. You must not, therefore, rely on the content of this document when making any investment decisions.


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Stonehage Fleming appoints new Chairman


Stonehage Fleming (“Stonehage Fleming” or “the Group”), the leading independently owned international Family Office, today announces the appointment of John Connolly as Chairman of the Board. John brings extensive corporate and professional services experience to Stonehage Fleming, having held several significant chairmanships during a career that includes 45 years at accountancy and business services firm Deloitte, where he was ultimately made Senior Partner and Global Chairman.

He currently chairs the FTSE 100 company G4S, and was chairman of Amec Foster Wheeler, also a FTSE 100, before it merged with Wood Group. He is also Executive Chairman of Cogital Group. John was Chairman of Great Ormond Street Hospital Charity until earlier this year and is a Council Member of the CBI. The appointment of John to Chairman of the Board is effective as of 1 October 2019. He succeeds Charles Erasmus, who has served on the Board of Stonehage, and then as Chairman of Stonehage and Stonehage Fleming, for the past two decades.

Chris Merry, Group CEO, Stonehage Fleming, said: “John’s distinguished track record in both the professional services and corporate world makes him the ideal Chairman for Stonehage Fleming. His extensive experience and strategic vision will contribute enormously to shaping the future growth of the firm.”

Giuseppe Ciucci, Managing Partner and Deputy Chairman of Stonehage Fleming, paid tribute to outgoing Chairman, Charles Erasmus. “Over the last 20 years, Charles has overseen the evolution of our business from a niche trust and fiduciary company, to the full service, broadly diversified international family advisory business we are so proud of today.

We are very grateful to him.” Following his appointment as Chairman of Stonehage Fleming, John Connolly said: “I have been most impressed by Stonehage Fleming’s excellent reputation, its client-centric approach and the quality and ambition of its people. It’s an exciting time to be taking on this role and I am looking forward to working with a business that has such great potential for further growth, and with a team that has redefined the modern Family Office.”


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Stonehage Fleming appoints new Partner in South Africa


Stonehage Fleming welcomes Dr Charl du Toit to the Stonehage Fleming family in South Africa. Starting 1 November, Charl has been appointed as Partner in the South African Family Office Division, with responsibility for Tax Advisory services. He will be based in the Group’s Cape Town office.

Charl brings with him almost 40 years financial services experience and three decades of specialist experience within the corporate international tax arena. He joins the company from PricewaterhouseCoopers, where he was a tax partner. He has also consulted to a wide range of South African and international groups including several JSE listed companies. In addition, Charl has extensive experience advising families on cross-border trust and corporate structures. He also served as President of the South African Fiscal Association for twelve years.

An international published author, his book titled “The beneficial ownership of royalties in bilateral tax treaties”, is a reference source consistently used by tax practitioners and universities around the world. He is a regular speaker at both local and international tax seminars and has been instrumental in effecting a number of amendments to tax legislation in Parliament.

Charl is a qualified Chartered Accountant, holding several degrees including a Bachelor of Agriculture degree (Cum Laude) from the University of Stellenbosch, a Bachelor of Commerce degree with Honours in Taxation and a Masters in Philosophy in Tax Law from the University of Cape Town, as well as a PHD in International Tax Law from the University of Amsterdam.

Giuseppe Ciucci, Managing Partner of Stonehage Fleming, said:

“As a Group, we have worked closely with Charl over the past 15 years and have always held him in the highest regard. In the global family office environment, the need for specialist expertise in tax and estate planning has become increasingly important. We are therefore delighted to welcome Charl as a Partner to Stonehage Fleming and look forward to more of our clients benefiting from his significant experience and skill set.”


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Stonehage Fleming appoints new CEO


Formerly CEO of Ipes, a leading European provider of fund administration and outsourcing services, Chris Merry’s appointment is effective from 3 September 2019. He will be based in Stonehage Fleming’s London office.

Chris will be taking over from Giuseppe Ciucci, Stonehage Fleming Group CEO since 1997. Mr. Ciucci will remain in a full-time executive capacity as Managing Partner, concentrating first and foremost on serving existing clients as well as building new client relationships. He will also become Deputy Chairman of the Board, where he will continue to contribute to the strategic direction of the firm.

In a highly distinguished career that has spanned both financial and professional services businesses, Chris has a proven track record as an experienced and effective CEO. As well as his five-year tenure at Ipes, Chris has also served as CEO of RSM Tenon, the UK accounting firm later acquired by Baker Tilly, and at Matrix Group, a privately held boutique financial services firm. He was the Finance Director for Clifford Chance, a leading global law firm, prior to which he was a Partner at PwC, with experience in London, New York and Shanghai.

Giuseppe Ciucci, Managing Partner, Stonehage Fleming, said: “After 22 years as Group CEO the time is now right to appoint a new person to this role, to bring some fresh ideas and direction and enable me to concentrate first and foremost on serving our clients. It has given me great pride and pleasure to lead such a talented team in transforming our business into the leading European multi-family office.”

“We are delighted to have been able to appoint Chris as our new CEO. He will bring exceptional experience and vision to his new role at Stonehage Fleming. Importantly, he is widely known for his practical as well as his strategic skills, which are critical to a business like ours as we seek to expand upon our truly unique proposition and consolidate our leading position as advisers to wealthy international families.”

Stonehage Fleming Group CEO Chris Merry said: “Stonehage Fleming has a remarkable position in its market, and this has been endorsed by Caledonia’s decision to make such a significant investment in the future of the firm.”

“Stonehage Fleming has a strong culture, an enviable array of services and unrivalled experience in counselling families across the entirety of their wealth. Anchored by a founding family now in its sixth generation, the firm has also demonstrated its ability to understand the requirements of a contemporary audience. I am excited to work with a team that has redefined the modern Family Office.”


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Insights

Marietjie Geldenhuys – Investing in China

Marietjie Geldenhuys, Client Portfolio Analyst in Stonehage Fleming’s Investment Division in South Africa talks about Investing in China

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Quarterly Investment letter

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