Wealth manager Stonehage Fleming has bought the investment management business of London-based Cavendish Asset Management.

Stonehage Fleming Investment Management (SFIM) will take over the management of Cavendish’s client portfolios and its range of four OEIC funds, which will be rebranded.

The deal is expected to bring another £1 billion in assets under management to Stonehage.

Cavendish Asset Management was founded in 1994 as a private investment office for the UK’s Lewis family, whose initial fortune was made in post-WWII retailing, including founding clothing chains River Island and Chelsea Girl.