Caledonia Investments (CLDN ) has tripled its money in six years after selling wealth management business Stonehage Fleming.

Full details of the deals were not disclosed, but the £1.9bn multi-asset investment trust said that it had sold its 36.7% stake in Stonehage Fleming for up to £288m in a market announcement. This would value the multi-family office at close to £850m. 

Stonehage Fleming, which was Caledonia’s top holding, has been bought by US wealth management group Corient.

The trust will receive £251m up front under the terms of the deal, with a further £37m potentially paid in tranches six and 12 months following completion. Another £9m may be paid to Caledonia should Stonehage Fleming match certain revenue growth targets over the three-year period from the deal’s completion.

For Caledonia, the sale marks a significant return on the £90m it initially spent to buy the stake in 2019.

The proceeds combined with dividends received to date represent a multiple on investment cost of 3.2 times. The announcement stated that all cash proceeds will be held on deposit for future investment, with no reference to any planned measurew to address Caledonia’s around 32% share price discount to portfolio net asset value (NAV).

Stonehage Fleming has over $175bn (£132bn) in combined assets and operates in 14 countries. It also runs funds, including its £2.3bn Global Best Ideas Equity fund , as well as its £468m Global Growth Portfolio fund , £427m Global Balanced Portfolio fund and £312m Global Equities fund .

Staff and management, who according to a 2019 release own more than 50% of Stonehage Fleming’s shares, are likely to receive significant payouts from the deal.

Corient, which is the US advice arm of Canadian asset manager CI Financial, has also bought Stanhope Capital as part of a European push. Stanhope is investment consultant to the Duchy of Lancaster, an investment portfolio owned by the British monarch.