London financial firm creates $24.2bn wealth management group with 'major' merger

A London financial company has announced that it is merging with an investment firm to create one of the world’s largest wealth management groups.

Stanhope Capital and FWM Holdings have announced that they will be completing the deal in the first quarter of 2021, creating a group with $24.2bn in assets under management.

Terms of the deal have not been revealed, and FWM, which now oversees $11.2bn for wealthy families, foundations and endowments, will continue to operate under its own name.

As part of the deal Wealth Partners Capital, a Palm Beach-based private equity group, which invested in FWM in early 2018, has sold its stake for an undisclosed cash amount.

Daniel Pinto, co-founder of Stanhope, commented: “Stanhope Capital and FWM share the same DNA.

“Together we offer an alignment of interests between clients and our professionals who invest their personal wealth alongside them.

“This is crucial to our clients but it is a rare thing in our industry today.”

Keith Bloomfield, founder of FWM, said: “The merger will enhance our investment capabilities in both public and private markets. Size matters in wealth management.”

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