UK-based multifamily office Fleming Family & Partners (FF&P) has agreed to merge with Stonehage to form a new independent multi-family office (MFO) wealth manager in Europe, the Middle East and Africa.

Known as Stonehage Fleming Family and Partners (SF&P or Group), the new MFO will provide a range of intergenerational wealth management services for UK and international families.

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SF&P will be headed by Giuseppe Ciucci, current CEO of Stonehage Group, who will serve as CEO of the Group.

Additionally, Adam Fleming, chairman of FF&P, and Mark Davies, CEO, will join the SF&P board together with Lord Renwick, presently the FF&P Deputy Chairman.

The merged firm will serve a client base of over 250 wealthy families and will be majority owned by management and staff including the Fleming Family Trust Company.

The new group, which will employ around 150 staff in London, will manage more than $43bn in assets under administration, including $11bn in assets under management and combined revenues of about $160m.

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The deal, which has been approved by both boards, is currently subject to shareholder and regulatory approval.

The merger is in an all-stock transaction driving the consolidation in the wealth management industry amid rising regulatory costs and squeezed margins.

Ciucci said: "The Group will create a new category of advisory firm, one to which families can turn to access an extraordinary depth of talent, experience and insight across a multiplicity of disciplines. This transaction establishes a truly differentiated platform and one which we believe will redefine UHNW family wealth management."

Adam Fleming said: "The Board of Fleming Family & Partners has recommended acceptance of the proposed terms by our
shareholders, and the Fleming Family Trust Company is committed to support the combined business both as shareholder and client."