Corient, the US private wealth manager backed by Mubadala, has agreed to purchase two UK rivals, Stonehage Fleming and Stanhope Capital Group, in a move that continues a global trend for consolidation in the sector.
The deal, for an undisclosed sum, will make Miami-based Corient the world’s largest non-bank wealth manager with about $430bn under management, doubling existing assets, the companies said in a statement on Tuesday.
“This combination of three storied firms creates a truly global wealth manager and multi-family office with formidable resources and deep expertise in serving the world’s wealthiest individuals and families,” said Kurt MacAlpine, partner and chief executive of Corient.
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