The valuation discount of emerging markets to developed markets, at around 30%, is comparable to the financial crisis, and presents opportunities for skilful managers to benefit from a brighter outlook for 2019. Investors have reacted to a slowing Chinese economy in 2018.
The growing ranks of billionaires’ in-house investment teams. London-based Stonehage Fleming was formed in 2014 when the office of Britain’s Fleming family (relatives of Ian Fleming, the creator of James Bond) merged with a fiduciary firm serving South African families that had fled the apartheid regime. It has some 250 families on its books.
Stonehage Fleming and Glenmede Enter into Strategic Alliance
Stonehage Fleming, one of the world’s leading international family offices, and the Glenmede Trust Company, N.A. (“Glenmede”), a private wealth and institutional investment management firm in the United States, today announced they have entered into a strategic alliance, effective immediately.
As part of a new series, PitchBook are speaking to various players in the private equity and venture capital spaces—including startups, firms and noteworthy dealmakers—to see what daily life looks like for them. This week, they spoke to Richard Clarke-Jervoise, head of private capital at Stonehage Fleming.
Richard Clarke-Jervoise, head of the private capital investment team at multi-family office Stonehage Fleming, also says impact investing has become of increasing interest to clients. “There has been a step change in the past 12-18 months where it feels like we have gone through a tipping point and the interest has become more material".
Stonehage Fleming appoints a new Chief Investment Officer and Director of Investment Management
Stonehage Fleming has announced the appointment of two new members to the Stonehage Fleming Investment Management team in South Africa in August 2018. Bryn Hatty has been appointed as Chief Investment Officer and Carolyn Levin as a Director in the South African Investment Management Division.
Stonehage Fleming appoints director of investment strategy and research
Family office Stonehage Fleming has appointed Mona Shah as Director, Investment Strategy and Research in London.
Shah will report into John Veale, the Deputy Head of Investments and will be a member of the Investment Committee. She will be responsible for the selection and review of managers for use in multi-asset client portfolios.
Stonehage Fleming appoints investment strategy director
Stonehage Fleming has appointed Mona Shah as director, Investment Strategy and Research in London, effective September 2018. Shah will report into John Veale, deputy head of Investments and will be a member of the Investment Committee. She will be responsible for the selection and review of managers for use in multi-asset client portfolios.
Do investors place too much focus on timing of the exchange rate when funds are invested offshore?
Recent studies have revealed that when a disciplined approach to the regular investment of funds offshore is followed, the timing of these transactions is less important than many investors perceive it to be.
Other managers said risks appear to have abated for contagion in Europe from Italy, thanks to the populist coalition not appearing "to be on firm ground yet, and also they did not individually call for a referendum on euro membership," said Gerrit Smit, partner, head of equity management at Stonehage Fleming Investment Management in London.
Multi-family office Stonehage Fleming deployed around $100m into private equity funds in 2017. Head of private equity, Richard Clarke-Jervoise talks to Unquote about the firm's client base, investment approach and decision to consolidate its GP relationships
‘Where assets appear cheap there is a good reason for it’
“Where assets appear to be cheap, there is a good reason for it. Very often the hope or the expectation of being able to turn it around are too optimistic. The task to turn a proverbial ship is usually larger than people perceive it to be. [Our] philosophy is to buy to hold outstanding quality businesses with a particular competitive edge at the maximum of a fair valuation.”
Gerrit Smit, fund manager of Stonehage Fleming’s Global Best Ideas Equity Fund, invested in Zoetis, a global manufacturer of drugs and vaccinations for pets and farm animals about a year ago. Zoetis, which was previously spun off from Pfizer, is the fund’s third-largest holding, at 5.5%.
Market conditions starting to favour active managers
Stonehage Fleming, which provides family office services for internationally wealthy families, believes this trend could partially reverse as market conditions change and become more favourable to active managers.
Wainer said the main differences between Stonehage Fleming and the generic asset management firms are the breadth of its offering and “client engagement”. “Our clients are much more closely integrated into the investment process.”
Stonehage Fleming chief Ciucci has global ambition
Ciucci said: “Everything we do is bottom-up, so staff are crucial. We were happy to hire Simon Boadle to head up the corporate finance team and Graham Wainer we have known for years. We are very careful when it comes to hiring.”
Making HNW Families Master Finance - What’s the best way?
Since WealthBriefing started to look into the financial education of wealth management clients, the big question that has come up time and again is: what's the best way to educate the wealthy about their money?
Buyer Beware: the dangers of viewing art as an investment
Stonehage Fleming clearly distinguishes between investment portfolios and art collections. In addition to a substantial investment business, a separate team of six art professionals assists clients with the management of over twenty global art collections acquired over the past one hundred years.
John Veale: “Monetary policy also remains benign and fiscal austerity is easing. However, these positives are, to an extent, counterweighted by a stronger euro, which may dampen the performance of export-oriented industries.”
Stonehage Fleming's Richard Clarke-Jervoise discusses Committed capital fees ‘on the way out’.
In the next 10 years, half of private equity managers will move to charging only on invested capital, predicts Richard Clarke-Jervoise, a partner at family office Stonehage Fleming.
Why investors would be wise not to ignore tech stocks
Gerrit Smit, manager of the Stonehage Fleming Global Best Ideas Equity fund, cites the large tech groups’ strong free cash flow generation, operating margins and returns on invested capital, and “huge amounts of excess cash”.
Gerrit Smit saysPeugeot has acquired GM’s European business at a knock-down price. “The clear fact is that Peugeot is buying a business that [GM] tried for years to nurse and grow. They haven’t succeeded and are, you could say, a forced seller.”
‘Sell everything’? Managers reveal coping strategies for turbulent markets
We believe the best investment strategy at any time is to buy only outstanding businesses with a particular competitive edge against its competition, and making sure we do not pay anything more than a fair valuation for that business.
“Robo-advice is not something the current generation is looking for … but it will be something that the next generation will want to know they can access,” argues Nicholas Bernard of Stonehage Fleming. “The next generation will be looking for a comprehensive, cross-platform wealth management application"
Stonehage Fleming hires ex-Neptune business development executive
One of the world’s largest family offices has appointed a new business development director to lead its sales effort. In a statement, Stonehage Fleming said it had appointed former Neptune Investment Management executive Ian Harvey to the role.
Stonehage Fleming Appoints Business Development Director
Guy Hudson, Partner and Head of Marketing said: "This marks a significant commitment to the distribution of our signature equity capability into a new channel, and demonstrates our confidence in a strategy where we are already entrusted with over £1.4bn
While the US equity market generally depends on domestic US economic circumstances and usually leads global equity markets, we have just witnessed how Brexit unnerved most capital markets, despite the fact the UK economy contributes less than 4% to global GDP.
Stonehage Fleming hires GAM’s Wainer as head of investments
Stonehage Fleming has appointed Graham Wainer as chief executive and head of investments for Stonehage Fleming Investment Management in London. "I am extremely excited that Graham will be joining Stonehage Fleming and look forward to working closely with him," said Anton Sternberg.
Low returns will be new norm for investors, say wealth managers
"We've got to talk about low returns to clients," said Ian Marsh, head of asset management at Stonehage Fleming. "In the past, we have seen equity returns at 8 per cent. It is likely to be a lot lower, at between 3 and 5 per cent. People have to be accustomed to that."
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