Family Offices Industry News

Rockefeller Family Links Up With Former Morgan Stanley President to Form New Firm

By Kathleen Leahy

Rockefeller Family Links Up With Former Morgan Stanley President to Form New FirmAs of October 2017, news is that the Rockefeller family is joining forces with a former Morgan Stanley rainmaker and one of the world's largest hedge funds to form a new investment firm. Gregory Fleming, a former president with Morgan Stanley as well as Merrill Lynch, has signed as the CEO of Rockefeller Capital Management, a newly formed independent financial services firm by Rockefeller Financial Services — an asset manager with US $16.2B under management that's owned and run the by family of famed oil titan John D. Rockefeller. The deal was announced in a joint statement from the parties.

The new firm - which will focus on wealth management, asset management, family office advisory, and strategic advisory for wealthy clients - has backing from Viking Global, one of the world's largest hedge funds with roughly US $25B in assets under management. In addition to Viking, the firm will be co-owned by management and a trust of the Rockefeller family, one of the richest in the country with a net worth estimated at US $11B by Forbes.

“The team at Rockefeller Financial Services has spent years building the highest-quality investment management firm for families and institutions,” David Rockefeller, Jr., Chairman of Rockefeller Financial Services, said in a statement. “We look forward to Greg’s leadership and Viking’s support to expand the Rockefeller platform and bring new products and services to our clients.”

Fleming left Morgan Stanley in 2016 and in the meantime has been banking high-profile clients like Derek Jeter - who is part of a group that just bought the MLB's Florida Marlins for US $1.2B - and Canadian billionaire Paul Desmarais, according to The Wall Street Journal. “I look forward to leading Rockefeller into its next chapter, backed by the Rockefeller family and my new partners at Viking,” Mr. Fleming said in the statement. "This is an opportunity to create a unique independent firm focused on wealth management, asset management, and strategic advisory."

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by Kathleen Leahy

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