Rockefeller Capital Management

Rockefeller Capital Management is an independent, privately owned wealth management and financial services firm, founded in 2018. It was created when Viking Global Investors acquired majority ownership of the Rockefeller family private investment office Rockefeller & Co., which was launched in 1979 as a multi-family office and had previously been the Rockefellers' single-family office since 1882. The firm offers family office, asset management, and strategic advisory services to ultra-high-net-worth individuals and families, institutions, and corporations. Its president and CEO is Greg Fleming.

The firm is headquartered in Rockefeller Plaza in New York City,[1] and has satellite offices around the U.S.[2]

Company history

In October 2017, Rockefeller Financial Services, the parent company of Rockefeller & Co., announced the imminent creation of Rockefeller Capital Management,[3] and the appointment of former Wall Street executive Greg Fleming as its founding CEO.[1] The new firm resulted from the acquisition by Viking Global Investors of a majority stake in Rockefeller & Co., a wealth-management multi-family office and registered investment adviser firm set up by the Rockefeller family in 1979[1] when the original money-management family office launched by John D. Rockefeller in 1882 started taking in outside money.[4]

The firm began operations in March 2018.[5] Fleming began aggressively recruiting staff from the major Wall Street full-service brokerage firms.[6] He also made acquisitions,[7] and opened branch offices in cities across the U.S.[8] By the end of 2020, it had 19 offices in 14 states and oversaw more than $69 billion in client assets.[9]

In the fall of 2019, the firm acquired Financial Clarity, a multi-family office wealth-management firm in Silicon Valley.[10] In early 2021, it acquired Whitnell & Co., a similar firm in the Chicago area, from Associated Banc-Corp.[11]

Services

The firm offers services in three categories: global family office, which also includes wealth management;[12] strategic advisory; and asset management.[13]

In March 2018, Rockefeller Asset Management, a division of Rockefeller Capital Management, joined the United Nations Environment Programme Finance Initiative, stating its intent to build a concentrated long-term portfolio emphasizing environmental, social, and governance (ESG) factors.[14] In May 2019 it launched two ESG-driven investment funds: the Rockefeller US ESG Equity Fund; and the Rockefeller Global ESG Equity Fund, a UCITS fund domiciled in Europe.[15] In January 2021 Rockefeller Asset Management, in partnership with Bloomberg, launched the Bloomberg Rockefeller U.S. All Cap Multi-Factor ESG Improvers Index, which ranks a company's improvement on ESG issues relative to industry peers, while also taking quality and low volatility into account, in addition to incorporating shareholder engagement techniques.[16]

Governance

Former Wall Street senior executive Greg Fleming is the founding president and CEO of the company.[17]

The firm is majority owned by the private-equity arm[6] of Viking Global Investors,[4] and Viking portfolio manager Brian Kaufmann is on the Rockefeller Capital Management board.[18] Approximately 10% the firm is owned by Rockefeller family members.[4]

References
  1. Keoun, Bradley (November 15, 2017). "Perennial Wall Street Runner-Up Greg Fleming Is Now Rockefellers' Money Man". TheStreet. Retrieved February 19, 2021.
  2. "Contact Us". Rockefeller Capital Management. Retrieved February 22, 2021.
  3. McLannahan, Ben (October 4, 2017). "Greg Fleming returns with Rockefeller-backed asset manager". Financial Times. Retrieved April 6, 2021.
  4. Hoffman, Liz (October 4, 2017). "Derek Jeter's Banker Joins Rockefellers in New Wall Street Venture". Wall Street Journal. Retrieved February 21, 2021.
  5. Garmhausen, Steve (March 1, 2018). "Rockefeller Capital Management Opens, Chasing $100 Billion". Barron's. Retrieved February 21, 2021.
  6. Ungarino, Rebecca (July 27, 2020). "Greg Fleming's $43 billion Rockefeller Capital has hired 19 adviser teams from top wealth firms in 7 months. Execs lay out where it's focused next". Business Insider. Retrieved February 21, 2021.
  7. Morris, Meghan (October 12, 2018). "Ex-Morgan Stanley rainmaker Greg Fleming's new firm is putting in place 'the building blocks' to reach $100 billion in assets — and it's just made its biggest move yet". Business Insider. Retrieved February 22, 2021.
  8. Ungarino, Rebecca (January 7, 2021). "Greg Fleming's Rockefeller is eyeing more deals like the $1.4 billion wealth firm it's buying. Its family office head lays out its aggressive cross-country push". Business Insider. Retrieved February 21, 2021.
  9. Dalal, Khyathi (January 5, 2021). "Associated Banc-Corp divests wealth management subsidiary Whitnell to Rockefeller Capital". Seeking Alpha. Retrieved February 22, 2021.
  10. Cao, Sissi (September 19, 2019). "Rockefeller Family Deepens Ties in Silicon Valley Through Elite Merger". The New York Observer. Retrieved February 22, 2021.
  11. Wenik, Ian (January 6, 2021). "Rockefeller to buy $1.4bn Chicago-area RIA". Citywire. Retrieved February 22, 2021.
  12. "Rockefeller Global Family Office". Rockefeller Capital Management. Retrieved February 22, 2021. Rockefeller Capital Management has put the family office and private wealth together seamlessly.
  13. Avery, Helen (February 6, 2019). "Wealth management: The Next Generation". Euromoney. Retrieved February 22, 2021.
  14. "Rockefeller Asset Management". United Nations Environment Programme Finance Initiative. March 26, 2018. Retrieved February 22, 2021.
  15. Simpson, Atholl (May 21, 2019). "Rockefeller enters offshore fund market with double launch". Citywire. Retrieved February 22, 2021.
  16. Holbrook, Emily (January 11, 2021). "Bloomberg and Rockefeller Asset Management Launch ESG Improvers Index". Environment + Energy Leader. Retrieved February 22, 2021.
  17. Ritholtz, Barry (November 25, 2020). "Greg Fleming on Shaping Wall Street". Bloomberg News. Retrieved February 22, 2021.
  18. "Our Leadership". Rockefeller Capital Management. Retrieved February 22, 2021.
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