If nothing else the purchase of Cavendish Asset Management, a London-based investment management firm, should enhance the client base of Stonehage Fleming (UK) Ltd, the UK arm of Stonehage Fleming Group.

For Cavendish is the investment management arm of Bernard Lewis and family, one of the UK’s wealthiest, with net assets of £2.2 billion at the end of 2018 according to the 2019 edition of The Sunday Times Rich List.

It will also increase Stonehage Fleming’s assets under management by around £1 billion, £616 million of which are held within a small family of open-ended investment companies (OEICs) as well...