Stonehage Fleming

Stonehage Fleming is one of the largest independent multi-family offices in the world, with approximately $75 billion in assets under advisement for over 250 families globally. The firm was formed through the 2014 merger of Stonehage, a multi-family office with South African origins, and Fleming Family & Partners, the investment firm established by the Robert Fleming banking family. Headquartered in London with offices across Europe, Africa, and Asia, Stonehage Fleming combines global reach with the personalized service model of a dedicated family office.

Investment Strategy

Stonehage Fleming’s investment approach is built around the principle that ultra-high-net-worth families have structural advantages that should be reflected in portfolio construction. Families with long time horizons, no external liabilities, and no career risk can invest differently from institutional investors, and Stonehage Fleming’s portfolios are designed to exploit these advantages through meaningful illiquidity exposure, concentrated positions, and patient capital deployment.

The firm’s investment team constructs portfolios across five main building blocks: equities, fixed income, alternatives, real assets, and cash. Asset allocation is customized for each family based on specific objectives, but the firm’s model portfolios generally maintain higher allocations to alternatives and real assets than typical institutional portfolios, reflecting the liquidity tolerance and long time horizon of family wealth.

Public equity allocations span global markets with a bias toward active management in areas where the firm’s research identifies managers with genuine edge. The firm conducts extensive manager due diligence, evaluating quantitative track records alongside qualitative factors including investment process robustness, team stability, and organizational culture.

Fixed income serves a defensive role in portfolios, providing liquidity and ballast during periods of equity market stress. The firm invests across government bonds, investment-grade credit, and selective high-yield and emerging market debt, calibrating duration and credit exposure based on the macroeconomic outlook.

Stonehage Fleming also maintains a dedicated responsible investing capability, integrating environmental, social, and governance factors into investment analysis and offering impact-focused strategies for families seeking to align portfolios with their values.

Private Markets Approach

Private markets are a cornerstone of Stonehage Fleming’s investment proposition. The firm operates a dedicated private capital team that manages commitments across private equity, venture capital, real estate, and private credit. The scale of the firm’s client base gives it access to top-tier fund managers and co-investment opportunities that would be beyond the reach of individual families.

The private equity program spans buyout, growth equity, and venture capital strategies, with a global mandate that covers established managers in North America and Europe as well as selective exposure to Asian private markets. Stonehage Fleming evaluates managers on performance consistency, operational value creation, team quality, and alignment of economic incentives.

Co-investment is a growing focus area. The firm curates a pipeline of co-investment opportunities sourced from its fund manager relationships, allowing client families to invest directly in specific companies alongside established private equity firms. These co-investments typically carry reduced or zero management fees and no carried interest, materially improving net returns.

Real estate investments include institutional fund commitments and direct property holdings, with exposure spanning residential, commercial, logistics, and specialty sectors across the UK, Europe, and globally. The firm’s real estate team evaluates opportunities through the lens of income sustainability, development potential, and long-term capital appreciation.

The firm’s wealth structuring capabilities differentiate it from pure investment managers. Stonehage Fleming designs and administers trusts, holding structures, and family investment vehicles across multiple jurisdictions. This structuring expertise ensures that investment returns are preserved through tax-efficient structures and robust governance frameworks, addressing the full lifecycle of family wealth from creation through multigenerational transfer.