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This new firm will count the Queen and the Forbes media family as clients

November 24, 2020. Summarized by summa-bot.

SALISBURY, ENGLAND - OCTOBER 15: Britain's Queen Elizabeth II speaks with staff during a visit to the Defence Science and Technology Laboratory (Dstl) at Porton Down science park on October 15, 2020 near Salisbury, England. The Queen and the Duke of Cambridge visited the Defence Science and Technology Laboratory (Dstl) where they were to view displays of weaponry and tactics used in counter intelligence, a demonstration of a Forensic Explosives Investigation and meet staff who were involved in the Salisbury Novichok incident. Her Majesty and His Royal Highness also formally opened the new Energetics Analysis Centre. (Photo by Ben Stansall - WPA Pool/Getty Images)

A UK investment company with ties to Queen Elizabeth II is teaming up with an American rival that manages money for some members of the family behind Forbes Magazine.

London (CNN Business)A UK investment company with ties to Queen Elizabeth II is teaming up with an American rival that manages money for some members of the family behind Forbes Magazine.

FWM Holdings, the parent company of the Forbes Family Trust, and Stanhope Capital, which advises the Queen on her £538 million ($718. 7 million) private investment portfolio, announced plans to merge on Tuesday.

The deal will create one of the world's largest independent wealth management firms with assets of more than $24 billion, including in private equity holdings, real estate and hedge funds, the companies said in a statement.

"The two firms have exactly the same DNA," said Stanhope Capital CEO Daniel Pinto, who highlighted the fact that they provide independent financial advice and invest alongside clients.

FWM Holdings oversees $11. 2 billion in assets for more than 70 of the world's most affluent families, mostly in the United States.

It owns the Forbes Family Trust, which was initially set up to manage the wealth of members of the Forbes family, whose fortune stems from the eponymous business magazine that Scotland-born B. C. Forbes founded in 1917.

The trust continues to manage money for certain members of the Forbes family, but opened its doors to external clients in 2009.

"Like our founders, Forbes Family Trust continues the tradition of building wealth and lifestyle goals for future generations. "

London-based Stanhope oversees $13 billion for private clients, endowments and charities, including the Duchy of Lancaster, a private estate of land, property and assets held in trust for the personal benefit of the Queen.

"Stanhope Capital act as the Duchy's investment consultants in order to maintain a proper degree of independent scrutiny over the financial portfolio," it said in its latest annual report.

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