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insights

The Insights below share some of our views and updates on matters of interest to our clients and network.
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Stonehage Fleming and Glenmede – extending our reach in the US

In November 2018, Stonehage Fleming, entered into a strategic alliance with Glenmede. The partnership brought together the second and third largest independent multi-family offices in the world (Source: Campden FB, April 2018 & Stonehage Fleming August 2018) allowing both businesses to expand their respective client offerings and geographical capabilities around the globe.

We caught up with Peter Rosenberg, Head of our Family Office Division, US and Darrell King, Director of Business Development, US, to hear how things are going.

What cultural synergies made Glenmede and Stonehage Fleming a good fit for each other? PR: Both Stonehage Fleming and Glenmede are driven by the long-term needs of our clients. At the heart of that is remembering that clients are members of families and family is important. Our people understand that. It is written into our culture. We are proud of our low staff turnover and we only work with people who can foster long-term relationships with the clients.

How does that culture benefit our clients?

PR: The independent ownership of both Glenmede and Stonehage Fleming not only has an impact on governance and corporate philosophy, but it also enables us to be more creative and nimble than many competitors. It also means we aren’t hostage to quarterly revenue targets. It frees us to take a longer view of our clients’ objectives - many of which are long-term in nature - and figure out how to best fulfill those objectives.

What is the main challenge for clients moving to the US?

DK: Professional advisers in the US tell us they struggle to identify providers who are comfortable taking on a trust established by a foreign person and who understand the context well. We have been doing it for decades. One of the main challenges for foreign persons investing in or immigrating to the US is finding providers who have experience of working with foreign clients and who understand the relevant cross border planning, implementation and reporting issues.

If a client is moving to the US, they may need a structure that supports pre-immigration. Our partnership with Glenmede ensures we are able to fulfil that need seamlessly. We are able to help people moving either into or out of the US.

What does Stonehage Fleming have that others do not?

PR: Advisers tell us they value an organisation that can now offer a global fiduciary perspective, with tax planning, technical and legal expertise all in-house.

DK:Working in partnership with Glenmede, Stonehage Fleming is a global whole service provider delivering fiduciary and related services inside and outside the US, or both. That is unique. It is not a story others can tell.

The opinions or views expressed are for information purposes only and are subject to change without notice. This information is not intended as promotional material, an offer to sell or a solicitation to buy investments or services. We do not intend for this information to constitute advice, or a personal recommendation, and it should not be relied on as such to enter into a transaction or for any investment decision. This information does not constitute investment advice or an offer or a solicitation to US Persons (as defined by Regulations S of the US Securities Act 1933) to engage in any investment activity. Whilst every effort is made to ensure that the information provided is accurate and up to date, some of the information may be rendered inaccurate in the future due to any changes. © Copyright Stonehage Fleming 2019. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without prior written permission.