Rockefeller Capital Management

Last updated
Rockefeller Capital Management
Company type Private
Industry
PredecessorRockefeller & Co.
FoundedMarch 1, 2018;6 years ago (2018-03-01) in New York City, U.S.
Founders
Headquarters 45 Rockefeller Plaza,
New York City
,
U.S.
Key people
Services
AUM $122 billion (2024) [1]
Owners
Website rcm.rockco.com

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.

Contents

The firm is headquartered in Rockefeller Plaza in New York City, [4] and has over 40 offices [5]  in the US [6] [7]  as well as an office in London. [6]

Company history

In October 2017, Rockefeller Financial Services, the parent company of Rockefeller & Co., announced the imminent creation of Rockefeller Capital Management, [8] and the appointment of former Wall Street executive Greg Fleming as its founding CEO. [4] 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. [4] The original firm was established by John D. Rockefeller in 1882 [2] as the first full-service single family office in the United States, according to Deloitte, [9] and according to the  Financial Times , as "one of the world's first family offices dedicated to investing [personal] wealth." [10]  Rockefeller & Co changed its business name to Rockefeller Financial in 2010. [11]

Rockefeller Capital Management began operations in March 2018. [12] Fleming began aggressively recruiting staff from the major Wall Street full-service brokerage firms. [13] He also made acquisitions, [14] and opened branch offices in cities across the United States, [15] with locations in 14 states by 2021. [16] In 2022 the firm had over 40 offices [5]  in the United States and an office in London. As of 2022, the firm was responsible for over $90 billion in client assets across its three business divisions – Rockefeller Global Family Office, Rockefeller Asset Management and Rockefeller Strategic Advisory. [6]

In the fall of 2019, the firm acquired Financial Clarity, a multi-family office wealth-management firm in Silicon Valley. [17] In early 2021, it acquired Whitnell & Co., a similar firm in the Chicago area, from Associated Banc-Corp. [18] In 2022, the firm acquired the wealth management business of Spearhead Capital, [19]  a financial services firm based in Florida. [6]

In April 2023, the firm received a $622 million investment from the Canadian investment manager IGM Financial, a subsidiary of Power Corporation of Canada, [20] which is controlled by the Desmarais family, [21] who have long-standing relationships with the company and the Rockefeller family. [22]

Services

Rockefeller Global Family Office
Rockefeller Global Family Office is a division offering a variety of financial services, including wealth management, [23] family office services, trust and fiduciary services, and wealth and strategy advising. [24]

Rockefeller Strategic Advisory
Rockefeller Strategic Advisory provides strategic advice [25] to high-net-worth families, family offices, individuals, and corporations on matters such as mergers, acquisitions, divestitures, real estate, raising capital, and sports franchises. [26]

Rockefeller Asset Management
Rockefeller Asset Management is the firm's asset management division. [25] According to CityWire, the division provides "equity and fixed income strategies across active, multi-factor passive, and thematic approaches." [27]

In March 2018, Rockefeller Asset 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. [28] 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. [29] 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. [30]

Governance

Former Wall Street senior executive Greg Fleming is the founding president and CEO of the company. [31]

The firm is majority owned by the private-equity arm [13] of Viking Global Investors, [2] and Viking portfolio manager Brian Kaufmann is on the Rockefeller Capital Management board. [32] Rockefeller family members also own a minority stake in the company. [22] In April 2023, the Desmarais family acquired a 20.5% stake in RCM through their financial services conglomerate Power Corporation of Canada. Desmarais associates Andre Desmarais, deputy chairman of Power Corporation of Canada, and James O’Sullivan, president of subsidiary IGM Financial, joined the RCM board as part of the transaction. [3]

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References

  1. ↑ Kelly, Bruce (January 17, 2024). "Rockefeller Capital's broker-dealer has seen a net gain of 271 financial advisors since 2020". InvestmentNewa.
  2. 1 2 3 4 Hoffman, Liz (October 4, 2017). "Derek Jeter's Banker Joins Rockefellers in New Wall Street Venture". Wall Street Journal . Retrieved February 21, 2021.
  3. 1 2 Doherty, Catherine (April 3, 2023). "Fleming's Rockefeller Gets $3 Billion Valuation in Wealth Push". Bloomberg News . Retrieved May 26, 2023.
  4. 1 2 3 Keoun, Bradley (November 15, 2017). "Perennial Wall Street Runner-Up Greg Fleming Is Now Rockefellers' Money Man". TheStreet . Retrieved February 19, 2021.
  5. 1 2 Azhar, Saeed; Nguyen, Lananh; Nguyen, Lananh (2022-09-09). "Rockefeller Capital aims to double assets to $200 bln in 3-5 years". Reuters. Retrieved 2023-05-09.
  6. 1 2 3 4 "Rockefeller Acquires $1.5B Spearhead Capital Wealth Management Business". Wealth Management. 2022-06-07. Retrieved 2023-05-09.
  7. ↑ "Contact Us". Rockefeller Capital Management. Retrieved February 22, 2021.
  8. ↑ McLannahan, Ben (October 4, 2017). "Greg Fleming returns with Rockefeller-backed asset manager". Financial Times . Retrieved April 6, 2021.
  9. ↑ https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-office-fundamentals.pdf - accessed Dec. 29, 2022
  10. ↑ "Rockefellers and Rothschilds unite | Financial Times". www.ft.com. Retrieved 2023-08-15.
  11. ↑ "Rockefeller & Co renamed Rockefeller Financial". Reuters. 2010-03-01. Retrieved 2023-05-09.
  12. ↑ Garmhausen, Steve (March 1, 2018). "Rockefeller Capital Management Opens, Chasing $100 Billion". Barron's . Retrieved February 21, 2021.
  13. 1 2 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.
  14. ↑ 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.
  15. ↑ 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.
  16. ↑ Dalal, Khyathi (January 5, 2021). "Associated Banc-Corp divests wealth management subsidiary Whitnell to Rockefeller Capital". Seeking Alpha . Retrieved February 22, 2021.
  17. ↑ Cao, Sissi (September 19, 2019). "Rockefeller Family Deepens Ties in Silicon Valley Through Elite Merger". The New York Observer . Retrieved February 22, 2021.
  18. ↑ Wenik, Ian (January 6, 2021). "Rockefeller to buy $1.4bn Chicago-area RIA". Citywire . Retrieved February 22, 2021.
  19. ↑ Welsch, Andrew. "Rockefeller Acquires $1.5 Billion Wealth Management Business". www.barrons.com. Retrieved 2023-05-09.
  20. ↑ "Canada Life buying Investment Planning Counsel business from IGM Financial"; The Canadian Press; April 4, 2023 Toronto StarAccessed May 26, 2023
  21. ↑ "Rockefeller Capital clinches $622 million investment from IGM Financial" by Lananh Nguyen; April 3, 2023; Reuters. Accessed May 26, 2023
  22. 1 2 "How two of North America's richest families came together to fortify Greg Fleming's Rockefeller Capital Management" by Hayley Cuccinello; April 10, 2023"; Business Insider. Accessed May 26, 2023
  23. ↑ "Rockefeller Global Family Office". Rockefeller Capital Management. Retrieved February 22, 2021. Rockefeller Capital Management has put the family office and private wealth together seamlessly.
  24. ↑ Cuccinello, Hayley. "Greg Fleming's Rockefeller is staffing up and eyeing more M&A to take its family-office business to the next level". Business Insider. Retrieved 2023-05-09.
  25. 1 2 Avery, Helen (February 6, 2019). "Wealth management: The Next Generation". Euromoney . Retrieved February 22, 2021.
  26. ↑ "Rockefeller Strategic Advisory". Rockefeller Capital Management. Retrieved 2023-05-09.
  27. ↑ "$85bn US firm Rockefeller CM sets sights on Europe". citywire.com. Retrieved 2023-05-09.
  28. ↑ "Rockefeller Asset Management". United Nations Environment Programme Finance Initiative . March 26, 2018. Retrieved February 22, 2021.
  29. ↑ Simpson, Atholl (May 21, 2019). "Rockefeller enters offshore fund market with double launch". Citywire . Retrieved February 22, 2021.
  30. ↑ Holbrook, Emily (January 11, 2021). "Bloomberg and Rockefeller Asset Management Launch ESG Improvers Index". Environment + Energy Leader. Retrieved February 22, 2021.
  31. ↑ Ritholtz, Barry (November 25, 2020). "Greg Fleming on Shaping Wall Street". Bloomberg News . Retrieved February 22, 2021.
  32. ↑ "Our Leadership". Rockefeller Capital Management. Retrieved February 22, 2021.
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