Stanhope Capital chief executive Daniel Pinto became the majority shareholder in the business last month, taking his stake up to 58.5%.
He snapped up departing co-founder Julien Sevaux’s 27.5% equity holding for an undisclosed sum. Sevaux has left to launch a new fund management business, but will continue to sit on Stanhope’s investment committee and his family have committed to remain clients.
The pair set up Stanhope in 2004 and it has since gathered $9.5 billion (£7.6 billion) of assets under management. But Pinto (pictured), a former Wealth Manager cover star, said the pair felt now was the time to part ways.
‘Julien has a project to develop a new fund focused on equity and equity-like investments and Stanhope is entirely independent and does not have in-house products, so he decided to do it outside of Stanhope,’ he said.
‘It makes sense he kept some role with us and the investment committee is a good forum and way of maintaining links while giving him the freedom to do his new project.
‘It is happening in a good and friendly atmosphere.’
Sevaux added: ‘I believe now is a prime moment for me to carve out some time for a new entrepreneurial effort, which will be complementary to Stanhope.’
Meanwhile, the firm has promoted senior director Charles Franklin to partner within its charities team and Pinto said the company will also shortly be announcing a ‘high profile’ addition to its advisory board to help spearhead its push in Latin America. The board, which is chaired by former BP chairman Lord Browne, also includes WPP chief executive Sir Martin Sorrell, Christie’s Americas chairman emeritus Stephen Lash and M. Shafik Gabr, chairman and managing director of the Artoc Group.
‘We have the commitment of a high profile individual in Latin America to join in March,’ Pinto said. ‘Now we will have a base to expand into other regions, and by not necessarily having a presence there.’
He said the family office is seeing strong client demand in India, but has no imminent plans to open a branch there.
Elsewhere, Pinto said Stanhope raised $150 million for new feeder funds to access vehicles across three asset classes – private equity, real estate and private finance.
‘The minimum requirement for the best funds is often $10 million and by pooling client assets we can provide access. It’s an important development for us and something we will continue to pursue,’ he said.