London-based wealth manager Stonehage Fleming is to buy the investment management arm of Cavendish Asset Management for an undisclosed sum.
Stonehage Fleming Investment Management will take over the management of all client portfolios and Cavendish’s range of four OEIC funds – the Cavendish International Fund, Opportunities Fund, AIM Fund, and Balanced Income Fund.
The funds will be rebranded under the Stonehage Fleming name and will sit alongside the firm’s existing range of collective vehicles.
Four members of the Cavendish senior fund management team will transfer to Stonehage Fleming and continue to manage these funds.
All Cavendish clients and assets, of around £1 billion (€1.14 billion), are expected to transfer to Stonehage management on completion of the transaction – expected in August.
© 2020 funds europe
