UK-based Standard Chartered, which specializes in financial services provision in emerging markets, has bought a 20% share of Fleming Family & Partners, the London-based wealth manager.
The alliance between the two banks is aimed at targeting wealthy Asian and Middle Eastern clients, with Standard set to introduce its existing wholesale banking clients to Fleming. Fleming, originally set up to manage the eponymous family’s fortunes, is a specialist in providing private banking services to ultra high net worth clients.
The deal values the 20% stake at around GBP45 million, and marks the start of an likely expansion of Standard Chartered’s wealth operation, observers say. It is set to launch its own private banking operation in Asia next year to cater for those clients that would not be served by Fleming.
We are delighted to have the support and commitment of Standard Chartered to help us develop our business in Asia and the Middle East. Standard Chartered has an unparalleled network in the region and this association is precisely what we need to develop our strategy of providing wealth management services to ultra high net worth families, individuals and charities and to provide investment opportunities in the region for our existing clients, said Gavin Rochussen, Fleming’s chief executive.