Stanhope also saw increased investment opportunities in a merger, Bloomfield said.
“A lot of wealth management firms outside of the U.S. invest about 50-plus percent of their clients’ portfolio in the U.S. So [Stanhope’s] ability to access our investment engine here, which I will say is one of the best, is very additive to their clients’ portfolios. And they’ll be able to leverage off of all the work we’ve done over here to populate those portfolios with U.S. investments.”
The combined power of the firm will beef up client investment opportunities.
“If you think about it,” Bloomfield said, “you have doubled the amount of boots on the ground in different locations that have relationships on the street with managers and other advisors and people they went to business school with, etc., etc.”
For example, he said, Stanhope recently shared a German real estate fund opportunity with FWM. The Forbes’ side has created a fund-of-funds in health care concentrated portfolio of biotech and health care over the last eight months.
Bloomfield said FWM’s portfolios allocate 20% to 25% on average to alternative investments as a bucket. He says that Stanhope’s offering is similar.
FWM managers got shares of Stanhope as part of the deal. Wealth Partners Capital Group, a Palm Beach private equity firm that invested in FWM in 2017, has sold its stake in the the firm. Sewell & Kissel represented FWM Holdings in the transaction.