Fleming Family & Partners, the London-based multi-family office and wealth manager, has sold its property and asset management businesses in Moscow to the local management team.

Fleming Family & Partners, the London-based multi-family office and wealth manager, has sold its property and asset management businesses in Moscow to the local management team. The terms of the deal were not disclosed.

FF&P is relinquishing its Moscow business after more than a decade of operation; the firm has had a presence in Moscow since its formation in 2001.

Mark Davies, group chief executive of FF&P, said in a statement that the firm’s strategic focus had changed since 2008, leading to the decision to offload the Moscow business. He emphasised however that the business remains committed to growth and cited its acquisition of the Zurich-based wealth manager Gebhard, Corrodi and Partners last year. This deal netted FF&P some £750 million ($1.2 billion) in assets under management.

In other recent developments, at the end of August FF&P appointed Andrew Hadley-Grave as investment manager and head of direct equities.

Hadley-Grave joined from Credit Suisse Asset Management, where he was chief investment officer for the UK and Channel Islands and deputy chairman of the international asset allocation committee. He was also in charge of equity and alternative investment within the firm's multi-asset class solutions team.

In his new role Hadley-Grave is responsible for developing FF&P’s direct equity selection and investment proposition. He works closely with Arthur Grigoryants, head of the research group, and reports to Dan Briggs, chief investment officer.