Daniel Pinto
Daniel Pinto

Edelman Smithfield and Prosek Partners are working on the Stanhope Capital and FWM Holdings merger to create one of the world’s biggest independent wealth management firms, with assets of more than $24B.

The Financial Times notes the deal comes amid growing competition to cater to the needs of the world’s super-rich.

London-based Stanhope, which counts former WPP chief Martin Sorrell as a member of its advisory board, manages $13B in assets from offices in London, Geneva and Paris.

FWM, which was established to oversee the wealth of the Forbes family, has $11.2B in assets under management from offices in New York, Philadelphia and Palm Beach.

Stanhope CEO Daniel Pinto, who will helm the combined group, called the tie-up a “unique opportunity to create a truly global investment firm” based on independence, alignment of interests between clients and talented professionals, and creative thinking.

Edelman Smithfield, London-based capital markets specialist of the No. 1 independent PR firm, has Andrew Wilde and Jess Gill representing Stanhope.

Prosek Partners’ Nadia Damouni and Melanie Gounardes work for FWM.