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Stanhope Capital Group and FWM Holdings Announce Merger to Create One of the Largest Independent Global Wealth Management and Advisory Firms

LONDON & NEW YORK, 24 November 2020 – Stanhope Capital Group (“Stanhope Capital”) and FWM Holdings - owner of Forbes Family Trust, LGL Partners and Optima Fund Management (collectively “FWM”) - today have announced that they have entered into a definitive merger agreement to create one of the world’s largest independent wealth management and advisory firms, overseeing USD 24.2 billion in client assets with 135 employees operating in six offices worldwide.

The combined company will have an expanded geographic footprint across the U.S. and Europe, with a greatly enhanced global investment team leveraging its capabilities across multiple asset classes, including listed equities and alternatives (private equity, real estate and hedge funds). Upon closing of the transaction, Stanhope Capital and FWM will operate as a single company for all intents and purposes, particularly in the area of investment research and strategy, but they will retain their respective names under the Stanhope Capital Group umbrella.

Founded in 2004 by Franco-British financier Daniel Pinto, Stanhope Capital currently oversees USD 13 billion for private clients, endowments, charities and other institutions across the globe. The firm, which employs 85 people from its offices in London, Geneva and Paris, is active in wealth management, investment consulting, private investments and merchant banking.

Founded in 2009 by Keith Bloomfield, FWM currently oversees USD 11.2 billion for ultra-high net worth family offices and individuals, foundations and endowments located primarily in the U.S. from offices in New York City, Philadelphia and Palm Beach. In addition to its wealth management activities, FWM, which employs 50 people, is a recognized leader in alternative assets, having acquired New York-based hedge fund specialist Optima Fund Management in 2019.

Bloomfield will join Stanhope Capital’s Board of Directors (“the Board”) as Vice Chairman as well as the group’s executive committee. He will be joined on the Board by Thomas H. Lee, the private equity pioneer. Jonathan Bell, Stanhope’s Chief Investment Officer and a member of the Board, will also become Vice Chairman. P. Scott Gregorchuk, Founder of LGL Partners, will continue as Vice Chairman of FWM.

In the context of the transaction, the management of FWM will receive Stanhope Capital shares as part of the consideration.

The merger is subject to customary closing conditions and is expected to close in the first quarter of 2021. Financial and legal terms of the transaction will not be disclosed.