Two of the largest family offices in the world are partnering to provide their respective services to each other’s clients, the two firms announced Wednesday.
The Glenmede Trust Company based in Philadelphia, the third-largest family office, and Stonehage Fleming based in London, the second-largest family office, said the partnership will expand their respective client offerings and geographical capabilities. The firms will remain independently managed and privately held.
The relationship will allow Glenmede to offer investment and chartered trust services to clients of Stonehage Fleming in the United States, and allow Stonehage Fleming to deliver international family office, trust and investment services to clients of Glenmede in Europe, the Middle East and Africa.
Glenmede, an independently owned private wealth and institutional investment management firm, has $40 billion in AUM from its high-net-worth individual clients, families, family offices, endowments, foundations and institutional clients. Stonehage Fleming is an independently owned multi-family office, which provides a range of services from long-term strategic planning and investments to day-to-day advice and administration to more than 250 families of substantial wealth.