Mubadala-Backed Corient Buys UK Wealth Firms Stonehage, Stanhope - Bloomberg
US wealth manager Corient agreed to acquire Stonehage Fleming and Stanhope Capital, allowing the Mubadala-backed firm to almost double assets under management.
The combination creates a $430 billion independent wealth manager with the addition of $214 billion assets from the two firms, according to a statement on Tuesday. Financial terms weren't disclosed and the deal is expected to close in the first half of 2026.
UK-based Stonehage Fleming is a multifamily office managing more than $175 billion in assets, including for the heirs of James Bond-author Ian Fleming. Minority owner Caledonia Investments Plc said in a separate statement it expects to receive net cash proceeds of about £288 million ($385 million) from the sale of its stake. London-based Stanhope Capital manages nearly $40 billion in assets.
The deal is the latest sign of consolidation among wealth managers, many of which are facing increasing costs and regulation as well as competition from larger players such as Morgan Stanley and UBS Group AG.
Corient's holding company, Canadian mutual fund manager CI Financial Corp., was acquired last year by Mubadala Capital, the alternative asset manager owned by the Abu Dhabi-based sovereign wealth fund. Miami-based Corient is owned and operated by its 260 partners and Mubadala.
As part of the deal, Stonehage Fleming executive chairman Giuseppe Ciucci will become chairman and Stanhope founder Daniel Pinto will be CEO of Corient's international business. Ciucci, Pinto and other members of their executive teams will become "significant equity holders" in Corient, according to the statement.
Jefferies and Goldman Sachs were financial advisers to Corient on the deal. Spencer House Partners advised Stonehage Fleming, while Rothschild & Co advised Stanhope Capital.