Fleming Family & Partners acquires Swiss Wealth Manager
Fleming Family & Partners has acquired the business of Gebhard, Corrodi and Partners (GCP), an independent wealth manager for high net worth individuals.
The acquisition was made through Zurich-based FF&P Suisse. GCP has assets under management of approximately CHF1bn (£750m) and the acquisition will substantially increase the assets and client base of FF&P Suisse. GCP’s seven employees have joined FF&P in Zurich.
Rolf Steimer, Chief Executive of FF&P Suisse said the combination of GCP’s business with FF&P will more than double FF&P’s presence in Switzerland and establish the firm as a major independent wealth manager in Zurich. Two directors of the GCP team, Urs Gebhard and Christoph Corrodi, join the FF&P board.
Mark Davies, Group Chief Executive of Fleming Family & Partners, (pictured) said: “The acquisition of GCP’s business fits with our strategy of developing our wealth management business internationally and will accelerate our growth as a global multi-family office and wealth management group.”
GCP is know mainly for its expertise in bonds, where FF&P has more experience in equities, making the teams complementary. The connection between the firms was made after it became known that one of the partners of GCP wanted to reture, and was looking to hand over to managers able to service a Swiss and European client base.
The deal is the first Swiss acquisition for FF&P, which has been wanting to expand its European reach, but considered that a good fit between teams and cultures was more important than building assets under management. Davies said FF&P is not hunting for further acquisitions but would consider any other opportunities if they arose.
Fleming Family & Partners is an international multi-family office which now has about £4bn assets under management. It offers a range of services, built around its investment management business and supported by other services including private office & trust services, corporate finance, access to private equity opportunities and a range of specialist funds.