Mario will be responsible for leading the distribution of Stonehage Fleming’s global service offerings, including the award winning Global Best Ideas Equity fund into the South African investment market, directly as well as through the Feeder Fund. He will be based in Stonehage Fleming’s Cape Town office and will report into Andrew Clarke, Group Head of Business Development. His appointment is effective immediately.
Mario has more than two decades of local and international investment industry experience, ranging from fund research and investment product management to retail and institutional business development. He was Head of Retail Distribution at Foord Asset Management for the past 10 years and served on various committees at the Association for Savings & Investment South Africa. Prior to this he was with OMIGSA and STANLIB in executive positions. Mario holds a BSc degree from the University of Stellenbosch as well as a Masters degree in Business Leadership from the University of South Africa.
Commenting on the appointment, Andrew Clarke said: “The Global Best Ideas Equity investment strategy is already well established in South Africa, but we look forward to having a dedicated resource on the ground who has the primary responsibility of growing the AUM of this fund through the wholesale market. We are excited about Mario’s experience in the industry and the role he will play in the distribution of our other premier offerings in the local market. We are delighted to welcome him to the firm.”
Mario Schoeman said: “Stonehage Fleming’s reputation in the industry is flawless and I am honoured to join the team. I am very excited about the team’s capabilities, evidenced in the track record of the GBI strategy and look forward to contribute to even more success.”
Stonehage Fleming, one of the world’s leading international Family Offices, announces a series of appointments across its Family Office, Treasury and Corporate Services divisions in Jersey.
The eight new hires follow the recent announcement of Bev Stewart as Director in the Jersey Family Office division (November 2020) and cover various levels of seniority. New joiners include: Miguel Loureiro and Florence Busel in Family Office, Amber Thomas, Marta Szyman, Jarek Wolak and Matthew Bree in Treasury, and Jon Manning and Kay Jeanne in Corporate Services. They are all based in Stonehage Fleming’s Jersey office and their appointments are effective immediately.
The new appointments join an office of over 100 people, with nearly half of the partners having been at the firm for more than 20 years, and many of the senior team considered leading figures in their respective fields on the island.
Commenting on the appointment, Ana Ventura, Partner and Head of Family Office Jersey said: “We are thrilled to welcome so many new faces to our already extremely talented and dedicated team. These appointments reflect and confirm our drive to nurture talent and to provide unrivalled career development opportunities on the island.”
“As we celebrate International Women’s Day, it is equally exciting that we have hired some immensely promising female talent to join our existing group of women who we have supported through the firm’s ranks.”
Cora Binchy, Partner in Stonehage Fleming’s Family Office division said: “I am delighted to welcome everyone to Stonehage Fleming. I have been with the firm for over 30 years and am incredibly proud of the nurturing culture and career development opportunities Stonehage Fleming is able to provide. Likewise, a diverse workforce is essential for businesses and gender parity is a huge part of that. We have seen progress in this area but in a rapidly changing world, we need to accelerate so we are well positioned for the future. I look forward to working with our new colleagues.”
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Pippa Bailey
T: +44 (0)203 770 7913
Stonehage Fleming appoints new client relationship director in UK family office team
01 Feb 2021
Stonehage Fleming, one of the world’s leading international Family Offices, announces the appointment of Doris Sommavilla as Client Relationship Director, in the UK Family Office team.
Doris will draw on her family governance and succession planning experience to advice families on their strategic planning, and work closely with them to co-ordinate their operational requirements. She will be based in Stonehage Fleming’s London office and will report into Roelof Botha, Head of UK Family Office. Her appointment is effective immediately.
Doris joins from Blu Family Office where she was a Principal responsible for providing investment advice on alternative assets and for business development in the UK, Italy, Germany and Monaco. She is a third-generation member of a family business focused on hospitality and residential development in Italy and Eastern Europe, and Non- Executive Director of her family business.
Doris has over a decade of experience in investment management dealing with alternative investments with a focus on distressed opportunities in the UK, Germany, Italy and Eastern Europe. She began her career in institutional asset management, first with Allianz Global Investors in Milano, Italy and then Pimco in Munich, Germany.
Doris is a qualified family officer in Italy and CAIA charterholder, a full Member (MCSI) of the Chartered Institute for Securities & Investment (CISI), and has a Msc in Finance from Bocconi University, Italy. Doris is also the co-founder of Family Hippocampus, a global network of family members, and ambassador of the women chapter of Leaders First, a global membership organisation.
Commenting on the appointment, Roelof Botha, Head of UK Family Office, said: “It is a pleasure to welcome Doris to Stonehage Fleming. She has extensive experience in a wide range of Family Office services, including Family Governance and Succession matters, and has an impressive network of family relationships throughout the UK and Continental Europe, including in particular her native Italy. Her appointment demonstrates our commitment to the further growth of the business, and our ambition to lead the industry in the provision of services that support multigenerational families and wealth creators.”
Doris Sommavilla, said: “I have known Stonehage Fleming for many years, and admire its company culture and family-centred approach which sits at the core of the Group. I am passionate about helping families plan for succession and become resilient now and for future generations, and look forward to working with the team.
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Toto Reissland/ Pippa Bailey
T: +44 (0)20 3770 7907 / +44 (0)203 770 7913
Stonehage Fleming, one of the world’s leading international Family Offices, announces the appointment of Steven Brown as Director of Group Business Development. Steven will be responsible for leading the distribution of Stonehage Fleming’s flagship Global Best Ideas Equity fund, into the UK wholesale market.
He will be based in Stonehage Fleming’s London office and will report into Andrew Clarke, Group Head of Business Development and work closely with Gerrit Smit, the fund manager and his team. His appointment is effective immediately.
Steven was previously a Wholesale and Discretionary Sales Director at Merian Global Investors, responsible for the sales and management of the firm’s relationships with the largest UK clients, including Asset Managers, Banks and Regional Wealth Managers. He joined Merian Global Investors as Head of Strategic Partnerships in 2012. Prior to that he was Head of UK Wholesale – Global Banking & Markets at RBS and managed the distribution of their multi-asset fund range in the UK wholesale market. He began his career at M&G Investments and Principal Global Investors.
Commenting on the appointment, Andrew Clarke, Group Head of Business Development said: “The Global Best Ideas Equity investment strategy already has a proven record with Stonehage Fleming’s investor families and the institutional investment community. Our team would like to build on this momentum and expand and accelerate activities in the UK wholesale arena. Steven’s experience in senior business development roles means he is well qualified to lead our distribution in this important market and we are delighted to welcome him to the firm.”
Steven Brown, said: “I am extremely pleased to be joining the firm to champion the further expansion of the Global Best Ideas Equity Fund amongst the wholesale investment community in the UK. We have a very strong story to tell and I am looking forward to working with Gerrit Smit and the investment team to bring this powerful offering to a wider audience.”
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Toto Reissland/ Pippa Bailey
T: +44 (0)20 3770 7907 / +44 (0)203 770 7913
Mario will be responsible for leading the distribution of Stonehage Fleming’s global service offerings, including the award winning Global Best Ideas Equity fund into the South African investment market, directly as well as through the Feeder Fund. He will be based in Stonehage Fleming’s Cape Town office and will report into Andrew Clarke, Group Head of Business Development. His appointment is effective immediately.
Mario has more than two decades of local and international investment industry experience, ranging from fund research and investment product management to retail and institutional business development. He was Head of Retail Distribution at Foord Asset Management for the past 10 years and served on various committees at the Association for Savings & Investment South Africa. Prior to this he was with OMIGSA and STANLIB in executive positions. Mario holds a BSc degree from the University of Stellenbosch as well as a Masters degree in Business Leadership from the University of South Africa.
Commenting on the appointment, Andrew Clarke said: “The Global Best Ideas Equity investment strategy is already well established in South Africa, but we look forward to having a dedicated resource on the ground who has the primary responsibility of growing the AUM of this fund through the wholesale market. We are excited about Mario’s experience in the industry and the role he will play in the distribution of our other premier offerings in the local market. We are delighted to welcome him to the firm.”
Mario Schoeman said: “Stonehage Fleming’s reputation in the industry is flawless and I am honoured to join the team. I am very excited about the team’s capabilities, evidenced in the track record of the GBI strategy and look forward to contribute to even more success.”
Stonehage Fleming, one of the world’s leading international Family Offices, announces a series of appointments across its Family Office, Treasury and Corporate Services divisions in Jersey.
The eight new hires follow the recent announcement of Bev Stewart as Director in the Jersey Family Office division (November 2020) and cover various levels of seniority. New joiners include: Miguel Loureiro and Florence Busel in Family Office, Amber Thomas, Marta Szyman, Jarek Wolak and Matthew Bree in Treasury, and Jon Manning and Kay Jeanne in Corporate Services. They are all based in Stonehage Fleming’s Jersey office and their appointments are effective immediately.
The new appointments join an office of over 100 people, with nearly half of the partners having been at the firm for more than 20 years, and many of the senior team considered leading figures in their respective fields on the island.
Commenting on the appointment, Ana Ventura, Partner and Head of Family Office Jersey said: “We are thrilled to welcome so many new faces to our already extremely talented and dedicated team. These appointments reflect and confirm our drive to nurture talent and to provide unrivalled career development opportunities on the island.”
“As we celebrate International Women’s Day, it is equally exciting that we have hired some immensely promising female talent to join our existing group of women who we have supported through the firm’s ranks.”
Cora Binchy, Partner in Stonehage Fleming’s Family Office division said: “I am delighted to welcome everyone to Stonehage Fleming. I have been with the firm for over 30 years and am incredibly proud of the nurturing culture and career development opportunities Stonehage Fleming is able to provide. Likewise, a diverse workforce is essential for businesses and gender parity is a huge part of that. We have seen progress in this area but in a rapidly changing world, we need to accelerate so we are well positioned for the future. I look forward to working with our new colleagues.”
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Pippa Bailey
T: +44 (0)203 770 7913
Stonehage Fleming, one of the world’s leading international Family Offices, announces the appointment of Doris Sommavilla as Client Relationship Director, in the UK Family Office team.
Doris will draw on her family governance and succession planning experience to advice families on their strategic planning, and work closely with them to co-ordinate their operational requirements. She will be based in Stonehage Fleming’s London office and will report into Roelof Botha, Head of UK Family Office. Her appointment is effective immediately.
Doris joins from Blu Family Office where she was a Principal responsible for providing investment advice on alternative assets and for business development in the UK, Italy, Germany and Monaco. She is a third-generation member of a family business focused on hospitality and residential development in Italy and Eastern Europe, and Non- Executive Director of her family business.
Doris has over a decade of experience in investment management dealing with alternative investments with a focus on distressed opportunities in the UK, Germany, Italy and Eastern Europe. She began her career in institutional asset management, first with Allianz Global Investors in Milano, Italy and then Pimco in Munich, Germany.
Doris is a qualified family officer in Italy and CAIA charterholder, a full Member (MCSI) of the Chartered Institute for Securities & Investment (CISI), and has a Msc in Finance from Bocconi University, Italy. Doris is also the co-founder of Family Hippocampus, a global network of family members, and ambassador of the women chapter of Leaders First, a global membership organisation.
Commenting on the appointment, Roelof Botha, Head of UK Family Office, said: “It is a pleasure to welcome Doris to Stonehage Fleming. She has extensive experience in a wide range of Family Office services, including Family Governance and Succession matters, and has an impressive network of family relationships throughout the UK and Continental Europe, including in particular her native Italy. Her appointment demonstrates our commitment to the further growth of the business, and our ambition to lead the industry in the provision of services that support multigenerational families and wealth creators.”
Doris Sommavilla, said: “I have known Stonehage Fleming for many years, and admire its company culture and family-centred approach which sits at the core of the Group. I am passionate about helping families plan for succession and become resilient now and for future generations, and look forward to working with the team.
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Toto Reissland/ Pippa Bailey
T: +44 (0)20 3770 7907 / +44 (0)203 770 7913
Stonehage Fleming, one of the world’s leading international Family Offices, announces the appointment of Steven Brown as Director of Group Business Development. Steven will be responsible for leading the distribution of Stonehage Fleming’s flagship Global Best Ideas Equity fund, into the UK wholesale market.
He will be based in Stonehage Fleming’s London office and will report into Andrew Clarke, Group Head of Business Development and work closely with Gerrit Smit, the fund manager and his team. His appointment is effective immediately.
Steven was previously a Wholesale and Discretionary Sales Director at Merian Global Investors, responsible for the sales and management of the firm’s relationships with the largest UK clients, including Asset Managers, Banks and Regional Wealth Managers. He joined Merian Global Investors as Head of Strategic Partnerships in 2012. Prior to that he was Head of UK Wholesale – Global Banking & Markets at RBS and managed the distribution of their multi-asset fund range in the UK wholesale market. He began his career at M&G Investments and Principal Global Investors.
Commenting on the appointment, Andrew Clarke, Group Head of Business Development said: “The Global Best Ideas Equity investment strategy already has a proven record with Stonehage Fleming’s investor families and the institutional investment community. Our team would like to build on this momentum and expand and accelerate activities in the UK wholesale arena. Steven’s experience in senior business development roles means he is well qualified to lead our distribution in this important market and we are delighted to welcome him to the firm.”
Steven Brown, said: “I am extremely pleased to be joining the firm to champion the further expansion of the Global Best Ideas Equity Fund amongst the wholesale investment community in the UK. We have a very strong story to tell and I am looking forward to working with Gerrit Smit and the investment team to bring this powerful offering to a wider audience.”
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Toto Reissland/ Pippa Bailey
T: +44 (0)20 3770 7907 / +44 (0)203 770 7913
Stonehage Fleming announces the appointment of Andrew Clarke as Group Head of Business Development.
Andrew will be responsible for leadership of business development across the Group. He will be based in Stonehage Fleming’s London office and report into Chris Merry, Group CEO.
Over the last 27 years, Andrew has gained extensive experience of working in senior business development roles within the wealth management sector, most recently with XY, an international group specialising in strategy consulting services and the control of large estates for ultra high net worth multigenerational families, where he was Executive Director based in the London office.
Prior to XY, Andrew led the business development effort at Deutsche Bank Wealth Management and Barclays Wealth in London - as Head of Professional Practices - focusing on winning ultra high net worth clients and family offices through his direct relationships and those via professional practices firms. Andrew began his career in the United States (New York) with the Merrill Lynch private client team. He has an MBA from the Cass Business School.
Commenting on the appointment, Chris Merry, CEO said: “We are excited to welcome Andrew as our Group Head of Business Development. Andrew has had an impressive career and his experience of working in senior business development roles within the wealth management sector makes him the ideal candidate for this important role within the Group. His appointment demonstrates our commitment to the further growth of the business, and our ambition to lead the industry in the provision of services that support multigenerational families and wealth creators.”
Andrew Clarke, said: “I am very pleased to join the firm, which I have known of for many years and respected for its approach to the market and supporting clients to plan and reach their objectives. I look forward to enhancing the growth of the business.”
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Toto Reissland/ Pippa Bailey
T: +44 (0)20 3770 7907 / +44 (0)203 770 7913
Stonehage Fleming, one of the world’s leading international Family Offices, announces the appointment of Bev Stewart as Director in the Jersey Family Office Division.
Bev will be responsible for managing a number of international high-net-worth client relationships, working with their families and advisers around the globe, assisting them with the management and coordination of their day-to-day and long-term financial needs.
She is based in Stonehage Fleming’s Jersey office and reports to Ana Ventura, Head of Family Office Jersey.
With over 16 years’ investment banking and financial services experience, Bev joins Stonehage Fleming from Absa Bank Limited in South Africa (formerly part of the Barclays’ group), where she served as a Director in the Investment Banking Global Finance team, joining in 2011. Bev led a team of bankers and was part of the senior management team responsible for a c.£4 billion loan book, and new business origination.
Bev trained as an accountant at PricewaterhouseCoopers in South Africa, later moving to the firm’s New York office following qualification. She returned to South Africa to join Bravura, a boutique corporate advisory firm in 2008. Bev is a member of the South African Institute of Chartered Accountants (SAICA) and STEP affiliate, with post graduate diplomas in Corporate Law and Tax Law.
Commenting on the appointment, Ana Ventura, Partner and Head of Family Office Jersey said: “I am thrilled to welcome Bev to Stonehage Fleming. She brings extensive experience to our already existing talented and dedicated team. We have seen an increased demand for services that facilitate internationally mobile multigenerational families and wealth creators who are becoming leading families of the future. Her appointment reflects the importance of our continued role as their most trusted advisers.”
Bev Stewart said: “I am delighted to join Stonehage Fleming and work alongside such a talented team. I have been impressed by the Group’s culture of excellence and high quality in everything it does. They are true pioneers within the family office industry, and I look forward to working with my new colleagues.”
Stonehage Fleming, one of the world’s leading international Family Offices, today launches its UK Advisory Board with the appointment of Lord (Robin) Renwick as its Chairman, Natalie Campbell and Anthony Wreford.
Lord Renwick was a senior diplomat who served as British Ambassador to the USA and South Africa. He was a crossbench peer in the House of Lords until 2018. He brings with him a wealth of board experience, having sat on many boards including Richemont AG, SAB Miller plc, British Airways plc. He is a former member of the Stonehage Fleming Group Board.
Natalie Campbell is a social entrepreneur who founded A Very Good Company in 2011 to put purpose, sustainability and inclusion into businesses. She is currently CEO of Belu Water and a board member for the London Economic Action Partnership and the Old Oak and Park Royal Development Corporation (OPDC).
Anthony Wreford, formerly Deputy Chairman of Omnicom Europe and President of the MCC, brings extensive communication, marketing and sports experience. He holds a variety of non-executive appointments including FPE Capital and Portas Consulting.
Chris Merry, Group Chief Executive Officer of Stonehage Fleming, says: “I am pleased to announce the launch of the Stonehage Fleming UK Advisory Board, in what is an exciting new development for our business. Our accomplished members will bring an independent view to our client proposition, products and services to ensure that we continue to evolve our offering to meet the needs of our global client base.
“We are fortunate to have secured the services of Robin, Natalie and Anthony, and I am looking forward to working closely with them.”
Further board appointments will be announced in due course.
UHNW families remain committed to ESG investment approach in post covid-19 market environment
19 Oct 2020
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
Stonehage Fleming announces the appointment of Andrew Clarke as Group Head of Business Development.
Andrew will be responsible for leadership of business development across the Group. He will be based in Stonehage Fleming’s London office and report into Chris Merry, Group CEO.
Over the last 27 years, Andrew has gained extensive experience of working in senior business development roles within the wealth management sector, most recently with XY, an international group specialising in strategy consulting services and the control of large estates for ultra high net worth multigenerational families, where he was Executive Director based in the London office.
Prior to XY, Andrew led the business development effort at Deutsche Bank Wealth Management and Barclays Wealth in London - as Head of Professional Practices - focusing on winning ultra high net worth clients and family offices through his direct relationships and those via professional practices firms. Andrew began his career in the United States (New York) with the Merrill Lynch private client team. He has an MBA from the Cass Business School.
Commenting on the appointment, Chris Merry, CEO said: “We are excited to welcome Andrew as our Group Head of Business Development. Andrew has had an impressive career and his experience of working in senior business development roles within the wealth management sector makes him the ideal candidate for this important role within the Group. His appointment demonstrates our commitment to the further growth of the business, and our ambition to lead the industry in the provision of services that support multigenerational families and wealth creators.”
Andrew Clarke, said: “I am very pleased to join the firm, which I have known of for many years and respected for its approach to the market and supporting clients to plan and reach their objectives. I look forward to enhancing the growth of the business.”
FOR FURTHER INFORMATION, PLEASE CONTACT
Montfort Communications
Toto Reissland/ Pippa Bailey
T: +44 (0)20 3770 7907 / +44 (0)203 770 7913
Stonehage Fleming, one of the world’s leading international Family Offices, announces the appointment of Bev Stewart as Director in the Jersey Family Office Division.
Bev will be responsible for managing a number of international high-net-worth client relationships, working with their families and advisers around the globe, assisting them with the management and coordination of their day-to-day and long-term financial needs.
She is based in Stonehage Fleming’s Jersey office and reports to Ana Ventura, Head of Family Office Jersey.
With over 16 years’ investment banking and financial services experience, Bev joins Stonehage Fleming from Absa Bank Limited in South Africa (formerly part of the Barclays’ group), where she served as a Director in the Investment Banking Global Finance team, joining in 2011. Bev led a team of bankers and was part of the senior management team responsible for a c.£4 billion loan book, and new business origination.
Bev trained as an accountant at PricewaterhouseCoopers in South Africa, later moving to the firm’s New York office following qualification. She returned to South Africa to join Bravura, a boutique corporate advisory firm in 2008. Bev is a member of the South African Institute of Chartered Accountants (SAICA) and STEP affiliate, with post graduate diplomas in Corporate Law and Tax Law.
Commenting on the appointment, Ana Ventura, Partner and Head of Family Office Jersey said: “I am thrilled to welcome Bev to Stonehage Fleming. She brings extensive experience to our already existing talented and dedicated team. We have seen an increased demand for services that facilitate internationally mobile multigenerational families and wealth creators who are becoming leading families of the future. Her appointment reflects the importance of our continued role as their most trusted advisers.”
Bev Stewart said: “I am delighted to join Stonehage Fleming and work alongside such a talented team. I have been impressed by the Group’s culture of excellence and high quality in everything it does. They are true pioneers within the family office industry, and I look forward to working with my new colleagues.”
Stonehage Fleming, one of the world’s leading international Family Offices, today launches its UK Advisory Board with the appointment of Lord (Robin) Renwick as its Chairman, Natalie Campbell and Anthony Wreford.
Lord Renwick was a senior diplomat who served as British Ambassador to the USA and South Africa. He was a crossbench peer in the House of Lords until 2018. He brings with him a wealth of board experience, having sat on many boards including Richemont AG, SAB Miller plc, British Airways plc. He is a former member of the Stonehage Fleming Group Board.
Natalie Campbell is a social entrepreneur who founded A Very Good Company in 2011 to put purpose, sustainability and inclusion into businesses. She is currently CEO of Belu Water and a board member for the London Economic Action Partnership and the Old Oak and Park Royal Development Corporation (OPDC).
Anthony Wreford, formerly Deputy Chairman of Omnicom Europe and President of the MCC, brings extensive communication, marketing and sports experience. He holds a variety of non-executive appointments including FPE Capital and Portas Consulting.
Chris Merry, Group Chief Executive Officer of Stonehage Fleming, says: “I am pleased to announce the launch of the Stonehage Fleming UK Advisory Board, in what is an exciting new development for our business. Our accomplished members will bring an independent view to our client proposition, products and services to ensure that we continue to evolve our offering to meet the needs of our global client base.
“We are fortunate to have secured the services of Robin, Natalie and Anthony, and I am looking forward to working closely with them.”
Further board appointments will be announced in due course.
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
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.
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.
Stonehage Fleming acquires investment management activities of Cavendish Asset Management
23 Apr 2020
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
Direct Investment clients invest in $10m series A fundraising by London-based digital learning company Bibliu
17 Apr 2020
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
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.
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.
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
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