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.
Terms of the merger, which is expected to close in the first quarter of 2021, were not divulged.
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.
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