 | |
| Type | Private |
|---|---|
| Industry | Family office |
| Founded | 1907 |
| Founder | Henry Phipps Jr. |
| Headquarters | International Building (moving to 1271 Avenue of the Americas in 2021) [1] , , United States |
| Owner | Phipps family |
| Website | bessemertrust |
Bessemer Trust is a private, independent multi-family office that oversees more than $140 billion for over 2,500 families, foundations and endowments. [2] Founded in 1907, the firm has its headquarters in New York City, with 19 regional offices elsewhere in the world. [3]
In 1907, Henry Phipps Jr. (1839–1930), of the Phipps family that still owns and directs the firm, started Bessemer Trust as a family office to manage money he earned from his sale of Carnegie Steel, which he founded with Andrew Carnegie.
Around 1920, Bessemer Trust for the Phipps family "provided not only investments but dog walking, maids and a private train to shuttle family members between New York and Florida." The Bessemer name was a reference to a steel-making process that had helped enrich the Phippses. [4]
In 1974, the Phipps family began allowing other select wealthy families to use Bessemer Trust's family office capabilities. This allowed the firm to maintain the size required to attract potential staff and investments. [5] In 2001, Bessemer Trust entered into a partnership with Morgan Stanley's Alan Goldberg to form Lindsay Goldberg & Bessemer, a middle market private equity firm. Prior to the founding of LGB, Bessemer Trust's Robert Lindsay was responsible for making private equity investments. [6] Bessemer Trust won three notable awards in the 2014 Family Wealth Report, [7] the yearly report from an organization that evaluates and ranks wealth management firms. The awards Bessemer Trust won include Best National Multi-Family Office and Best Fund Manager. [8]
The current Chairman of the Board of Directors is the great-grandson of Henry Phipps, Stuart S. Janney III, [9] who succeeded Ogden Mills Phipps in 1994. [10] In 2018, Bessemer Trust leased the top seven floors at 1271 Avenue of the Americas in Manhattan, relocating from 630 Fifth Avenue in 2021. [11] As of 2021, it managed around $100 billion in assets, including assets of celebrities such as Britney Spears. It asked to withdraw as the conservator to her estate in July 2021, stating it had not known of her objection to the conservatorship, after she publicly criticized the arrangement. [12] As such, they withdrew from the role entirely. [13] The request was accepted by a judge - Bessemer Trust had been appointed in November 2020 but had not yet started its duties or received any assets or fees. [14]
As of December 31, 2020, the Bessemer Trust Company had a 401(k) plan in New Jersey of $520 million. [15] As of 2021, Bessemer Trust remains a wealth management firm. [16] In 2022, Bessemer Group Inc. operated two banks insured by the FDIC - Bessemer Trust Co. NA and Bessemer Trust Co. It also operated two direct US trust companies: Bessemer Trust Co. of Delaware NA and Bessemer Trust Co. of Florida. [17]
Bessemer Trust's headquarters are in New York City. The firm has 18 regional offices located in Atlanta, Boston, Chicago, Dallas, Denver, Grand Cayman, Greenwich, Houston, Los Angeles, Miami, Naples, Palm Beach, San Francisco, Seattle, Stuart, Washington, D.C., Wilmington, and Woodbridge in New Jersey. [3]
Bessemer Trust manages wealth totaling $106 billion, 90% of which comes from their 2,300 clients. With a client-retention rate of 98.4%, [18] the firm holds on to significantly more of their clients than the industry-wide average of 95%. [19] Clients must have at least $20 million to expect a full range of services from Bessemer Trust. [18]
Britney Jean Spears is an American singer. Often referred to as the "Princess of Pop", she is credited with influencing the revival of teen pop during the late 1990s and early 2000s. Spears has sold over 100 million records worldwide, including over 70 million in the United States, making her one of the world's best-selling music artists. She has earned numerous awards and accolades, including a Grammy Award, 15 Guinness World Records, six MTV Video Music Awards, seven Billboard Music Awards, the inaugural Radio Disney Icon Award, and a star on the Hollywood Walk of Fame. Her heavily choreographed videos earned her the Michael Jackson Video Vanguard Award.
Under U.S. law, a conservatorship results from the appointment of a guardian or a protector by a judge to manage the personal or financial affairs of another person who is incapable of fully managing their own affairs due to age or physical or mental limitations. A person under conservatorship is a "conservatee", a term that can refer to an adult. A person under guardianship is a "ward", a term that can also refer to a minor child. Conservatorship may also apply to corporations and organizations.
In finance, assets under management (AUM), sometimes called fund under management, measures the total market value of all the financial assets which an individual or financial institution—such as a mutual fund, venture capital firm, or depository institution—or a decentralized network protocol controls, typically on behalf of a client. Funds may be managed for clients, platform users, or solely for themselves, such as in the case of a financial institution which has mutual funds or holds its own venture capital. The definition and formula for calculating AUM may differ from one entity to another.
Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-high-net-worth (UHNW) individuals and families. It is a discipline which incorporates structuring and planning wealth to assist in growing, preserving, and protecting wealth, whilst passing it onto the family in a tax-efficient manner and in accordance with their wishes. Wealth management brings together tax planning, wealth protection, estate planning, succession planning, and family governance.
The Phipps family of the United States is a prominent American family that descends from Henry Phipps Jr. (1839–1930), a businessman and philanthropist. His father was an English shoemaker who immigrated in the early part of the 19th century to Philadelphia, Pennsylvania, before settling in Pittsburgh. Phipps grew up with Andrew Carnegie as a friend and neighbor. As an adult, he was Carnegie's business partner in the Carnegie Steel Company and became a very wealthy man. He was the company's second-largest shareholder and also invested in real estate.
A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50–100 million in investable assets, with the goal being to effectively grow and transfer wealth across generations. The company's financial capital is the family's own wealth.
A multi-family office (MFO) is an independent organization that supports multiple families to manage their entire wealth. Multi-family offices typically provide a variety of services including tax and estate planning, risk management, objective financial counsel, trusteeship, lifestyle management, coordination of professionals, investment advice, and philanthropic foundation management. Some multi-family offices are also known to offer personal services such as managing household staff and making travel arrangements. Because the customized services offered by a multi-family office can be costly, clients of a multi-family office typically have a net worth in excess of $50 million.
The Pictet Group, known as Pictet, is a Swiss multinational private bank and financial services company founded in Switzerland. Headquartered in Geneva, it is one of the largest Swiss banks and primarily offers services in wealth management, asset management, and asset servicing, to private clients and institutions.
Partners Group Holding AG is a Swiss-based global private equity firm with US$141.7 billion in assets under management in private equity, private infrastructure, private real estate and private debt.
Lindsay Goldberg (LGLLC) is an American private equity firm focused on leveraged buyout and growth capital investments in middle-market companies in such sectors as consumer products, commodity-based manufacturing, energy services, business services, healthcare, financial services, energy transmission and waste disposal.
UBS Group AG is a multinational investment bank and financial services company founded and based in Switzerland. Co-headquartered in the cities of Zürich and Basel, it maintains a presence in all major financial centres as the largest Swiss banking institution and the largest private bank in the world. UBS client services are known for their strict bank–client confidentiality and culture of banking secrecy. Because of the bank's large positions in the Americas, EMEA, and Asia Pacific markets, the Financial Stability Board considers it a global systemically important bank.
Fiduciary Trust Company International is a United States-based wealth management firm that provides investment management and wealth management services. It has served high-net-worth families, foundations, and endowments since 1931. As of 2019, the firm had $71 billion in assets under administration and management, serving clients in 48 countries. The firm and its subsidiaries maintain offices in New York City, and several other locations.
First Sentier Investors, formerly known as Colonial First State Global Asset Management in Australia and First State Investments elsewhere, is a global asset management business that manages US$146.2 billion in assets managed on behalf of institutional investors, pension funds, wholesale distributors, investment platforms, financial advisers and clients worldwide. First Sentier Investors provides active, specialist investment capabilities managed by a group of independent investment teams. They take a long-term approach to investment with a focus on preserving capital and performance through market cycles.
Daniel Pinto is a Franco-British financier and author based in London, United Kingdom. He is the founder, Chairman and CEO of Stanhope Capital Group, the asset management and advisory firm. He is also the founder of the Independent Investment Management Initiative (IIMI), a think tank whose members are a group of independent asset management firms in the UK and Europe.,
Creative Planning, LLC is an independent wealth management firm and registered investment advisor majority owned by American financial advisor Peter Mallouk. The firm was founded in 1983, and is headquartered in Overland Park, Kansas. The company provides wealth management services for individuals, businesses and institutions, including investment management, financial planning, estate planning, tax planning, trust services, tax preparation and charitable giving services.
On February 1, 2008, American singer Britney Spears was involuntarily placed under a conservatorship by Judge Reva Goetz, with her father, James "Jamie" Spears, and attorney Andrew M. Wallet, as conservators. The conservatorship lasted until November 2021.
Rockefeller Capital Management (RCM) is an independent wealth management and financial services firm, founded in 2018. The firm offers family office, asset management, and strategic advisory services to high-net-worth individuals and families, institutions, and corporations. Its president and CEO is Greg Fleming.
James Parnell Spears is a retired construction business owner. He is the father of Britney, Jamie Lynn, and Bryan Spears.
Louise Mary Taylor is an American businesswoman and entrepreneur. Taylor became a public figure in January 2008, acting as singer Britney Spears' family spokesperson amid Dr. Phil's alleged violation of trust in a family intervention. Taylor served as Spears's business manager from 2008 through 2020 and has been credited by Spears as the person who established her conservatorship.
Bessemer Venture Partners (BVP) is an American venture capital and private equity firm headquartered in San Francisco. Outside the United States, it has offices in India, Israel and the United Kingdom. In 2022, Venture Capital Journal ranked the firm as the 8th largest venture capital firm based on total fundraising over the most recent five-year period.
{{cite web}}: CS1 maint: multiple names: authors list (link)| International | |
|---|---|
| National | |
