Rockefeller Capital Management
{{Short description|American wealth and asset management company}}
{{Infobox company
| name = Rockefeller Capital Management
| logo = Rockefeller-capital-management-logo-black.svg
| logo_size = 220px
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| image = Rockefeller-Center3.jpg
| image_size = 200px
| image_caption = Headquarters at 45 Rockefeller Plaza
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| type = Private
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| industry = {{Unbulleted list|Asset management|Wealth management}}
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| predecessor = Rockefeller & Co.
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| founded = {{Start date and age|2018|03|01}} in New York City, U.S.
| founders = {{Unbulleted list|Rockefeller family|Viking Global Investors|Greg Fleming}}
| hq_location = 45 Rockefeller Plaza
| hq_location_city = New York City
| hq_location_country = U.S.
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| key_people = {{Unbulleted list|Greg Fleming (CEO)}}
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| services = {{Unbulleted list|Wealth management|Family Office services|Strategic advisory|Asset management}}
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| owners = {{Unbulleted list|Viking Global Investors (majority)|Rockefeller family|Desmarais Family}}
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| website = {{URL|rcm.rockco.com}}
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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.
The firm is headquartered in Rockefeller Plaza in New York City. It has over 40 offices in the US,{{Cite web |date=2022-06-07 |title=Rockefeller Acquires $1.5B Spearhead Capital Wealth Management Business |url=https://www.wealthmanagement.com/ria-news/rockefeller-acquires-15b-spearhead-capital-wealth-management-business |access-date=2023-05-09 |website=Wealth Management |language=en}}{{cite web |title=Contact Us |url=https://rcm.rockco.com/contact-us/ |website=Rockefeller Capital Management |access-date=February 22, 2021}} where it is active in 31 markets, and also operates an office in London.
Company history
In October 2017, Rockefeller Financial Services, the parent company of Rockefeller & Co., announced the imminent creation of Rockefeller Capital Management,{{cite news |last1=McLannahan |first1=Ben |title=Greg Fleming returns with Rockefeller-backed asset manager |url=https://www.ft.com/content/e311b324-a923-11e7-ab55-27219df83c97 |access-date=April 6, 2021 |work=Financial Times |date=October 4, 2017}} and the appointment of former Wall Street executive Greg Fleming as its founding CEO.{{cite news |last1=Keoun |first1=Bradley |title=Perennial Wall Street Runner-Up Greg Fleming Is Now Rockefellers' Money Man |url=https://www.thestreet.com/investing/greg-fleming-gets-rockefellers-ceo-job-14335605 |access-date=February 19, 2021 |work=TheStreet |date=November 15, 2017}} 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. The original firm was established by John D. Rockefeller in 1882{{cite news |last1=Hoffman |first1=Liz |title=Derek Jeter's Banker Joins Rockefellers in New Wall Street Venture |url=https://www.wsj.com/articles/former-morgan-stanley-executive-to-run-rockefeller-family-office-1507109581 |access-date=February 21, 2021 |work=Wall Street Journal |date=October 4, 2017}} as the first full-service single family office in the United States, according to Deloitte,[https://www2.deloitte.com/content/dam/Deloitte/us/Documents/Tax/us-tax-office-fundamentals.pdf Modern history of family offices] - accessed Dec. 29, 2022 and according to the Financial Times, as "one of the world's first family offices dedicated to investing [personal] wealth."{{Cite web |title=Rockefellers and Rothschilds unite {{!}} Financial Times |url=https://www.ft.com/content/efe93494-a9a3-11e1-a6a7-00144feabdc0 |access-date=2023-08-15 |website=www.ft.com}} Rockefeller & Co changed its business name to Rockefeller Financial in 2010.{{Cite news |date=2010-03-01 |title=Rockefeller & Co renamed Rockefeller Financial |language=en |work=Reuters |url=https://www.reuters.com/article/wealth-rockefeller-idUSN0125235320100301 |access-date=2023-05-09}}
Rockefeller Capital Management began operations in March 2018.{{cite news |last1=Garmhausen |first1=Steve |title=Rockefeller Capital Management Opens, Chasing $100 Billion |url=https://www.barrons.com/articles/rockefeller-capital-management-opens-chasing-100-billion-1519929547 |access-date=February 21, 2021 |work=Barron's |date=March 1, 2018}} Fleming began aggressively recruiting staff from the major Wall Street full-service brokerage firms.{{cite news |last1=Ungarino |first1=Rebecca |title=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. |url=https://www.businessinsider.com/rockefeller-capital-greg-fleming-recruiting-expansion-strategy-2020-7 |access-date=February 21, 2021 |work=Business Insider |date=July 27, 2020}} He also made acquisitions,{{cite news |last1=Morris |first1=Meghan |title=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 |url=https://www.businessinsider.com/rockefeller-management-acquires-greer-anderson-capital-2018-10 |access-date=February 22, 2021 |work=Business Insider |date=October 12, 2018}} and opened branch offices in cities across the United States,{{cite news |last1=Ungarino |first1=Rebecca |title=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. |url=https://www.businessinsider.com/rockefeller-capital-management-whitnell-wealth-management-midwest-expansion-2021-1 |access-date=February 21, 2021 |work=Business Insider |date=January 7, 2021}} with locations in 14 states by 2021.{{cite news |last1=Dalal |first1=Khyathi |title=Associated Banc-Corp divests wealth management subsidiary Whitnell to Rockefeller Capital |url=https://seekingalpha.com/news/3649080-associated-banc-corp-divests-wealth-management-subsidiary-whitnell-to-rockefeller-capital |access-date=February 22, 2021 |work=Seeking Alpha |date=January 5, 2021}} In 2022 the firm had over 40 offices{{Cite news |last1=Azhar |first1=Saeed |last2=Nguyen |first2=Lananh |last3=Nguyen |first3=Lananh |date=2022-09-09 |title=Rockefeller Capital aims to double assets to $200 bln in 3-5 years |language=en |work=Reuters |url=https://www.reuters.com/business/finance/rockefeller-capital-aims-double-assets-200-bln-3-5-years-2022-09-09/ |access-date=2023-05-09}} 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 Global Investment Banking.Barron's [https://www.barrons.com/podcasts/at-barrons/the-rockefeller-business-advising-high-net-worth-americans/8b844311-ecf2-489a-bb66-12d962a99138?page=1& "The Rockefeller Business Advising High Net Worth Americans"] September 11, 2024
In the fall of 2019, the firm acquired Financial Clarity, a multi-family office wealth-management firm in Silicon Valley.{{cite news |last1=Cao |first1=Sissi |title=Rockefeller Family Deepens Ties in Silicon Valley Through Elite Merger |url=https://observer.com/2019/09/rockefeller-family-office-acquire-silicon-valley-investment-firm/ |access-date=February 22, 2021 |work=The New York Observer |date=September 19, 2019}} In early 2021, it acquired Whitnell & Co., a similar firm in the Chicago area, from Associated Banc-Corp.{{cite news |last1=Wenik |first1=Ian |title=Rockefeller to buy $1.4bn Chicago-area RIA |url=https://citywireusa.com/registered-investment-advisor/news/rockefeller-to-buy-1-4bn-chicago-area-ria/a1446600 |access-date=February 22, 2021 |work=Citywire |date=January 6, 2021}} In 2022, the firm acquired the wealth management business Spearhead Capital,{{Cite web |last=Welsch |first=Andrew |title=Rockefeller Acquires $1.5 Billion Wealth Management Business |url=https://www.barrons.com/advisor/articles/rockefeller-spearhead-capital-wealth-management-51654628103 |access-date=2023-05-09 |website=www.barrons.com |language=en-US}} a financial services firm based in Florida.
In April 2023, the firm received a $622 million investment from the Canadian investment manager IGM Financial, a subsidiary of Power Corporation of Canada,[https://www.thestar.com/business/2023/04/04/canada-life-buying-investment-planning-counsel-business-from-igm-financial.html "Canada Life buying Investment Planning Counsel business from IGM Financial"; The Canadian Press; April 4, 2023 Toronto StarAccessed May 26, 2023] which is controlled by the Desmarais family,[https://www.reuters.com/markets/deals/rockefeller-capital-clinches-622-million-investment-igm-financial-2023-04-04/ "Rockefeller Capital clinches $622 million investment from IGM Financial" by Lananh Nguyen; April 3, 2023; Reuters. Accessed May 26, 2023] who have long-standing relationships with the company and the Rockefeller family.[https://www.thestar.com/business/2023/04/04/canada-life-buying-investment-planning-counsel-business-from-igm-financial.html "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] In January 2025, the firm's assets under management were reported as $151 billion.[https://citywire.com/ria/news/rockefeller-adds-ex-morgan-stanley-jp-morgan-teams/a2458100 Rockefeller adds ex-Morgan Stanley, JP Morgan teams] January 21, 2025
Services
Rockefeller Global Family Office
Rockefeller Global Family Office is a division offering a variety of financial services, including wealth management,{{cite web |title=Rockefeller Global Family Office |url=https://rcm.rockco.com/global-family-office/ |website=Rockefeller Capital Management |access-date=February 22, 2021 |quote=Rockefeller Capital Management has put the family office and private wealth together seamlessly.}}{{cite web |last1=Kelly |first1=Bruce |title=Rockefeller Capital's broker-dealer has seen a net gain of 271 financial advisors since 2020. |url=https://www.investmentnews.com/industry-news/news/rockefeller-continues-roll-in-hiring-advisors-as-2024-kicks-off-248188 |website=InvestmentNewa |date=January 17, 2024}} family office services, trust and fiduciary services, and wealth and strategy advising.{{Cite web |last=Cuccinello |first=Hayley |title=Greg Fleming's Rockefeller is staffing up and eyeing more M&A to take its family-office business to the next level |url=https://www.businessinsider.com/rockefeller-acquiring-hiring-grow-its-family-office-taxes-specialities-2021-6 |access-date=2023-05-09 |website=Business Insider |language=en-US}}
Rockefeller Global Investment Banking
Rockefeller Global Investment Banking provides strategic advice to high-net-worth families, family offices, individuals, and corporations on matters such as mergers, acquisitions, divestitures, real estate, raising capital, and sports franchises.{{Cite web |title=Rockefeller Strategic Advisory |url=https://rcm.rockco.com/rockefeller-strategic-advisory/ |access-date=2023-05-09 |website=Rockefeller Capital Management |language=en-US}}
Rockefeller Asset Management
Rockefeller Asset Management is the firm's asset management division.{{cite news |last1=Avery |first1=Helen |title=Wealth management: The Next Generation |url=https://www.euromoney.com/article/b1cy15c39280xx/wealth-management-the-next-generation |access-date=February 22, 2021 |work=Euromoney |date=February 6, 2019}} According to CityWire, the division provides "equity and fixed income strategies across active, multi-factor passive, and thematic approaches."{{Cite web |title=$85bn US firm Rockefeller CM sets sights on Europe |url=https://citywire.com/americas/news/85bn-us-firm-rockefeller-cm-sets-sights-on-europe/a1573407 |access-date=2023-05-09 |website=citywire.com}}
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.{{cite web |title=Rockefeller Asset Management |url=https://www.unepfi.org/member/rockefeller-capital-management/ |website=United Nations Environment Programme Finance Initiative |access-date=February 22, 2021 |date=March 26, 2018}} 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.{{cite news |last1=Simpson |first1=Atholl |title=Rockefeller enters offshore fund market with double launch |url=https://citywireamericas.com/news/rockefeller-enters-offshore-fund-market-with-double-launch/a1231436 |access-date=February 22, 2021 |work=Citywire |date=May 21, 2019}} 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.{{cite news |last1=Holbrook |first1=Emily |title=Bloomberg and Rockefeller Asset Management Launch ESG Improvers Index |url=https://www.environmentalleader.com/2021/01/bloomberg-and-rockefeller-asset-management-launch-esg-improvers-index/ |access-date=February 22, 2021 |work=Environment + Energy Leader |date=January 11, 2021}}
Governance
Former Wall Street senior executive Greg Fleming is the founding president and CEO of the company.{{cite news |last1=Ritholtz |first1=Barry |author1-link=Barry Ritholtz |title=Greg Fleming on Shaping Wall Street |url=https://www.bloomberg.com/news/audio/2020-11-25/greg-fleming-on-shaping-wall-street-podcast |access-date=February 22, 2021 |work=Bloomberg News |date=November 25, 2020}}
The firm is majority owned by the private-equity arm of Viking Global Investors, and Viking portfolio manager Brian Kaufmann is on the Rockefeller Capital Management board.{{cite web |title=Our Leadership |url=https://rcm.rockco.com/our-people/ |website=Rockefeller Capital Management |access-date=February 22, 2021}} Rockefeller family members also own a minority stake in the company. 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.{{cite news |last1=Doherty |first1=Catherine |author1-link=Barry Ritholtz |title=Fleming's Rockefeller Gets $3 Billion Valuation in Wealth Push |url=https://www.bloomberg.com/news/articles/2023-04-03/fleming-s-rockefeller-gets-3-billion-valuation-in-wealth-push?sref=xlHcxOOx |access-date=May 26, 2023 |work=Bloomberg News |date=April 3, 2023}}