Cains’ Corporate and Commercial team has recently advised international multi-family office Stonehage Fleming on its acquisition of the private client services business of Maitland, a privately-owned global advisory, administration and family office firm.
On completion of the transaction, which is subject to regulatory approval in the Isle of Man and other jurisdictions, the business will transfer to Stonehage Fleming, bringing legal, fiduciary, corporate and investment management services capability in nine locations worldwide. The transaction will add £1 billion of assets under management (“AUM”) and £15 billion of assets under administration (“AUA”), taking Stonehage Fleming’s AUM to over £16 billion and AUA to over £60 billion.
Maitland’s Private Client Services business will bring further scale to Stonehage Fleming, strengthen key service areas and broaden the range of jurisdictions offered to clients. It will be combined with and operate under the Stonehage Fleming brand.
Cains’ corporate and commercial team, which was led by Director Scott Leonard-Morgan with support from Associates Matthew Wilkinson and Faye Devlin, acted as lead Isle of Man legal advisors to Stonehage Fleming on all Isle of Man aspects of the acquisition.
Scott Leonard-Morgan, Director of Cains, said: “We are delighted to have supported Stonehage Fleming on such a significant transaction. The deal serves to underline the depth and breadth of our regulatory and M&A teams and the support that the firm can provide to clients.”
