Document Text Content
Rockefeller Partners with Gregory J. Fleming to Create Independent
Financial Services Firm
Firm to Focus on Wealth Management, Asset Management and Strategic Advisory
Viking Global Investors to Back New Firm
October 04, 2017 06:30 AM Eastern Daylight Time
NEW YORK--(BUSINESS WIRE)--Rockefeller Financial Services, Inc. (“RFS”), the parent company of Rockefeller & Co.,
and Gregory J. Fleming have agreed to form Rockefeller Capital Management (“Rockefeller” or “the firm”), an independent
financial services firm focused on wealth management, asset management and strategic advisory. The firm will look to
build upon the 135-year history of excellence in wealth and investment management associated with the Rockefeller family
through the addition of broader capabilities and new growth capital.
Greg Fleming will become the Chief Executive Officer of Rockefeller upon closing. Mr. Fleming, a longtime financial
services executive, was most recently the President of Morgan Stanley Wealth and Asset Management and prior to that,
the President of Merrill Lynch. Viking Global Investors LP (“Viking”) will back the firm through an investment by one of its
investment funds. Financial terms were not disclosed.
“The team at Rockefeller Financial Services has spent years building the highest-quality investment management firm for
families and institutions,” said David Rockefeller, Jr., Chairman of RFS. “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.”
This combination will allow Rockefeller to build on its distinguished legacy of serving families, including the Rockefeller
family, as well as foundations, endowments and institutions. Under Mr. Fleming’s leadership, the firm plans to expand its
asset management focus on global equities and ESG investing, add to its wealth management capabilities, and build a
strategic advisory business. Rockefeller will have four operating units: Wealth Management, Asset Management, Family
Office Advisory, and Strategic Advisory.
“I look forward to leading Rockefeller into its next chapter, backed by the Rockefeller family and my new partners at
Viking,” Mr. Fleming said. "This is an opportunity to create a unique independent firm focused on wealth management,
asset management, and strategic advisory."
Rockefeller will be owned by a Viking investment fund, a trust representing the broader Rockefeller family, and the firm’s
management. The ownership group anticipates making substantial additional capital investments in Rockefeller over
multiple years. This will provide the capital necessary for Rockefeller to execute its strategy, enabling the firm to broaden
its products and services and accelerate its growth.
The board of the new firm will include Mr. Fleming, David Rockefeller, Jr., Peter M. O’Neill, Reuben Jeffery III, and Brian
Kaufmann of Viking. Additional independent directors will be added in due course.
The transaction is subject to certain customary closing conditions and is expected to close in the first quarter of next year.
Ardea Partners acted as the financial advisor to RFS, and Willkie Farr & Gallagher LLP was the legal advisor to RFS. Paul,
Weiss, Rifkind, Wharton & Garrison LLP was the legal advisor to Viking.
About Rockefeller Financial Services
As of June 30, 2017, Rockefeller & Co. has approximately $16.2 billion in assets under advisement for individuals and
families, family offices, nonprofit organizations, foundations, endowments, and global institutions. This number includes net
assets under management of approximately $10.9 billion plus approximately $5.3 billion in advisory assets. Advised assets
represent non-managed assets that receive services, such as financial planning, administration and/or consulting for open
architecture programs or other assignments, consolidated reporting, and accounting and tax return preparation services.
About Viking
Viking Global Investors LP is a global investment firm founded in 1999, with offices in Greenwich, New York, San
Francisco, Hong Kong and London. The firm manages approximately $25 billion in capital and uses fundamental analysis
to select investments, primarily public and private equity securities, from a wide range of industries globally. Viking is
registered as an investment adviser under the U.S. Investment Advisers Act of 1940.
Contacts
Media:
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Stephen Cohen, 212-886-9332
stephen.cohen@teneostrategy.com
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Binna Kim, 917-765-8720
binna@fullyvested.com
11/14/2017 Viking Global to Back Rockefeller Wealth Firm Led by Fleming - Bloomberg
Viking Global to Back Rockefeller Wealth Firm Led by Fleming
By Jennifer Surane and Simone Foxman
October 4, 2017, 6:12 AM PDT
Updated on October 4, 2017, 9:48 AM PDT
➞
➞
Ex-Morgan Stanley executive Greg Fleming to be firm’s CEO
Hedge fund to become majority owner of high-net-worth adviser
Greg Fleming, a former top executive at Morgan Stanley, is joining with the Rockefeller family office to create a wealth-management firm that
will be backed by Viking Global Investors.
Fleming will be chief executive officer of Rockefeller Capital Management, an adviser to the ultra-wealthy that will be acquired by Viking
Global after the deal is completed early next year, the New York-based company said Wednesday in a statement
. Terms weren’t disclosed.
Fleming, 54, who was most recently president of Morgan Stanley Wealth and Asset Management, left the Wall Street firm last year after CEO
James Gorman indicated he planned to stay on at least five more years and installed an older deputy in the bank’s No. 2 position, people with
knowledge of the decision said at the time. Before joining Morgan Stanley, Fleming was president of Merrill Lynch & Co.
Replay
In addition to wealth and asset management, the new company will create a unit focusing on advising large multinational companies, Fleming
said in a phone interview.
‘Strategic Advice’
“Many wealthy families own companies that they need to take public or sell,” he said. “They’re looking for strategic advice, and they’re looking
for interesting investments.”
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11/14/2017 Viking Global to Back Rockefeller Wealth Firm Led by Fleming - Bloomberg
He said a deal to purchase the Miami Marlins baseball team that he was involved in earlier this year was an example of the sort of investment
the firm’s clients might be interested in.
A private-equity fund managed by Viking will own the majority of the business, while Fleming and others in management will invest, he said.
A trust representing the broader Rockefeller family will remain an owner, though it’s selling some of its stake as part of the transaction.
Rockefeller & Co., which began 135 years ago as the family office of oil baron John D. Rockefeller, oversees about $10.9 billion for families and
other institutional investors, and advises on another $5.3 billion, according to the statement. Fleming said that Viking’s capital will be used to
expand these businesses, as well as building an advisory arm.
“The industry is very fragmented," Fleming said. For independent companies that combine wealth and asset management, as well as advisory,
“there’s room, if you do it well, to really generate some market share, especially for a firm with a brand as good as Rockefeller," he added.
Viking Global, which was founded by Andreas Halvorsen, has about $25 billion under management, making it one of the biggest hedge funds in
the world.
The Rockefeller family office was advised by Ardea Partners, an investment bank formed last year by Goldman Sachs Group Inc. veteran Chris
Cole and a handful of former colleagues. Willkie Farr & Gallagher LLP provided legal advice, according to the statement. Paul, Weiss, Ri ind,
Wharton & Garrison LLP was legal adviser to Viking Global.
The Wall Street Journal reported on Fleming’s new role earlier Wednesday.
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11/14/2017 Viking Global to Back Rockefeller Wealth Firm Led by Fleming - Bloomberg
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11/14/2017 Rockefeller & Co. :: Who We Are
WHO WE ARE
O U R F I R M D E F I N E D O U R C U LT U R E C E O M E S S A G E
O U R L E A D E R S H I P T E A M
OUR FIRM DEFINED
Rockefeller & Co. is a distinctive nancial services rm that is privately held and independent.
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11/14/2017 Rockefeller & Co. :: Who We Are
DRIVEN
BY
the intellectual soundness,
creative acumen, and personal
dedication of our people
FOCUSED
ON
assessing investment
opportunities through a global
lens
COMMITTED
TO
providing insightful solutions
for the sophisticated needs of
our clients
C L I E N T L O G I N
WHO WE ARE WHAT WE DO INSIGHTS & NEWS
CAREERS
CONTACT
1 1 / 1 5 / 2 0 1 6
1 0 / 3 / 2 0 1 7
0 6 / 3 0 / 2 0 1 6
About Rockefeller & Co.
Thirty Years Later
Rockefeller & Co. team
members summarize the
breadth of services available
to non-pro t clients.
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OUR CULTURE
Rockefeller & Co. is privately owned and focused
on the diverse investment and nancial needs of
our sophisticated clientele. From our beginnings
As global citizens—with a geographically
unconstrained approach to asset management—
we know how important it is to perceive the world
as the Rockefeller family o
ce, we are today a
in its totality in seeking to bene t from the wealth
full-service, independent asset management and
of opportunities held therein. Our asset
wealth advisory
rm, with a mission to help our
management team speaks 13 languages, an
clients achieve their goals.
indication of the global perspective we apply to
our business.
1882
1979
T O D A Y
1980
Rockefeller & Co. has approximately $16.9
billion in assets under advisement for
2012
individuals and families, family o ces,
nonpro t organizations, foundations,
endowments, and global institutions. 1
1 As of September 30, 2017. This number includes net
assets under management of approximately $11.4
billion plus approximately $5.5 billion in advisory
assets. Advised assets represent non-managed assets
that receive services, such as consulting for open
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11/14/2017 Rockefeller & Co. :: Who We Are
architecture programs or other non-managed
investment assignments.
CEO
MESSAGE
establishes a family
growing investment
In this video, Reuben Je ery III discusses Rockefeller
needs of his family.
& Co.’s commitment to service and stewardship. We
pride ourselves on our client focus and the strong
relationships we develop with individuals, families, and
institutions.
P L A Y V I D E O
882
OUR LEADERSHIP TEAM
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11/14/2017 Rockefeller & Co. :: Who We Are
REUBEN JEFFERY III
JIMMY C. CHANG, CFA
YVETTE M. GARCIA
DAVID P. HARRIS, CFA
Managing Director,
Managing Director,
Managing Director,
Managing Director,
President & Chief
Chief Investment
General Counsel &
Chief Investment
Executive O
cer
Strategist
Chief Administrative
O
cer
O
cer
STUART HENDRY
TIMOTHY J.
ELIZABETH P.
KARA VALENTINE
Managing Director,
MCCARTHY
MUNSON
Senior Vice President,
Chief Operating
Managing Director,
Managing Director,
Director of Marketing
O
cer
Chief Compliance
President of
O
cer & Counsel
Rockefeller Trust
Company, N.A. & The
Rockefeller Trust
Company (Delaware)
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RAYMOND N.
WAREHAM
Managing Director,
Head of Wealth
Advisory
DAVID WESTBROOK
Managing Director,
Chief Financial
O cer
WHO WE ARE
WHAT WE DO
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INSIGHTS & NEWS
INSIGHTS
NEWS
H A P P E N I N G S
I N T H E M E D I A
HAPPENINGS 01 02
0 9 / 0 8 / 2 0 1 6
0 7 / 2 2 / 2 0 1 6
ROCKEFELLER & CO. PARTICIPATES IN
OPERATION BACKPACK 2016
As part of our community outreach initiative, Rockefeller & Co. again participated in
Operation Backpack 2016. Thousands of children live in New York City’s homeless
and domestic violence shelters. One of the most devastating consequences of
homelessness is the impact it has on a child's education.
ROCKEFELLER & CO. HOSTS GUESTS
SIXTH ANNUAL NEXUS GLOBAL YOU
SUMMIT
From July 20th through 22nd in New York, Karen Wawrzaszek, Sen
Advisor and Managing Director, and Jack McMackin, Client Associa
delegation of “Next Generation” clients and other guests at the Sixt
Nexus Global Youth Summit.
C L I E N T LO G I N
WHO WE ARE WHAT WE DO INSIGHTS & NEWS CAREERS CONTACT
0 6 / 1 5 / 2 0 1 6
ROCKEFELLER RESEARCH SERIES: THE
DRIVERLESS ECONOMY
Rockefeller & Co. hosted 2016’s rst installment of the Rockefeller Research Series
at the Boston o
New York at The Modern.
ces on Wednesday, June 8th with a subsequent presentation in
0 5 / 0 4 / 2 0 1 6
MEREDITH BLOCK PRESENTS AT THE
ATLANTA SOCIETY OF FINANCE &
INVESTMENT PROFESSIONALS (ASF
Rockefeller & Co. was invited to discuss Sustainability & Impact Inve
ASFIP in Atlanta, GA on May 4th, where Judy Lee, analyst and mem
Institutional Sales and Consultant Relations team, introduced a pres
Meredith Block, S&I Vice President and Analyst.
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0 4 / 2 9 / 2 0 1 6
DAVID HARRIS PANELIST AT ESG WORKSHOP
AT INSTITUTIONAL INVESTOR FORUM
On Friday, April 29th, David Harris was featured in a workshop at the Institutional
Investor Forum entitled “ESG: Divestment, Governance and Future of Sustainable
Investing.”
0 4 / 1 9 / 2 0 1 6
MATT GELFAND SPEAKS AT NAFOA A
CONFERENCE
On Tuesday, April 19th Matt Gelfand, Managing Director, participat
the Native American Finance O
Conference in Phoenix, AZ.
cers Association’s (NAFOA) 34t
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INSIGHTS & NEWS
INSIGHTS
NEWS
W H AT ’ S N E W V I D E O S A N D P O D C A S T S I N V E S T M E N T C O M M E N TA R Y
C L I E N T LO G I N
WHO WE ARE WHAT WE DO INSIGHTS & NEWS CAREERS CONTACT
WHAT’S NEW
1 1 / 0 1 / 2 0 1 7 M O N T H LY M A R K E T
R E V I E W
A “Vixing” Puzzle — Market’s unusual
lack of volatility; Be fearful when others
are greedy
0 9 / 0 1 / 2 0 1 7 M O N T H LY M A R K E T
R E V I E W
Fire & Fury — A chaotic presidential
summer vacation; Government
shutdown now a distinct possibility
Q 4 2 0 1 7 G L O B A L F O R E S I G H T
Thirty Years Later — Reagan’s Berlin Wall Speech, Rising Debt, the 1987
Crash and Implications for Today’s Equity and Fixed Income Markets
Q 3 2 0 1 7 G L O B A L F O R E S I G H T
Aging Bull — Where we see investment
opportunities after eight years of rising
markets
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11/14/2017 Rockefeller & Co., Inc.: Private Company Information - Bloomberg
Capital Markets
Company Overview of Rockefeller & Co., Inc.
Snapshot
People
November 14, 2017 6:15 PM ET
Company Overview
Rockefeller & Co., Inc. is a privately owned
investment manager. It provides its services to High
net worth individuals, their families, family offices and
related entities, funds organized as domestic or
offshore (non-U.S.) companies, limited partnerships,
limited liability companies or other types of legal
entities; U.S. registered investment companies;
Trusts and other fiduciary accounts , Foundations,
endowments, charitable and other nonprofit
institutions; Taxable and tax-exempt accounts, and
Sovereign Nation(s). The firm manages separate
client-focused equity and fixed income portfolios. The
firm invests in the public equity markets across the
globe. It invests in the fixed income m...
Detailed Description
Key Executives For Rockefeller & Co., Inc.
Mr. Reuben Jeffery III, J.D.
Managing Director, President, CEO, and Member of
the Board
Age: 64
Mr. David Westbrook
Chief Financial Officer and Managing Director
Mr. Stuart Hendry
Chief Operating Officer and Managing Director
Mr. David Peter Harris CFA
Chief Investment Officer, Managing Director, and
Portfolio Manager
Ms. Yvette Marie Garcia J.D.
Chief Administrative Officer, Secretary, Managing
Director, and General Counsel
10 Rockefeller Plaza
New York, NY 10020
United States
Founded in 1882
Phone: 212-549-5330
Fax: 212-549-5524
www.rockco.com
Compensation as of Fiscal Year 2017.
Rockefeller & Co., Inc. Key Developments
Rockefeller & Co Names David Rockefeller, Jr. as Chairman
Oct 31 16
Rockefeller & Co announced that director David Rockefeller, Jr. has been appointed chairman of the board of
directors. Mr. Rockefeller, a founding member of the board of directors, succeeds Colin G. Campbell, who
has served as chairman since 2003. Mr. Campbell will remain a member of the board of directors. As
chairman, Mr. Rockefeller will lead the board of directors in its oversight of the firm’s business, and will work
closely with Rockefeller & Co. CEO and president, Reuben Jeffery III, in supporting the firm’s delivery of best
in class wealth advisory and asset management services to high net worth individuals, families and
institutions.
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11/14/2017 Rockefeller & Co. :: Contact
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CAREER
OPPORTUNITIES
Rockefeller & Co. is a distinctive nancial services rm that is privately held and independent. We
take great pride in the integrity, depth and vision of our professionals.
City
N E W Y O R K , N Y ( 4 P O S I T I O N S )
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ROCKEFELLER
INSIGHTS
ACTIVE STEWARDSHIP
IN FINANCIAL SERVICES
Mariela Vargova, Ph.D.
Senior Vice President, Senior Sustainability and Impact Analyst
Emmanuel L. Sobong, CFA
Senior Equity Analyst
ROCKCO.COM
© 2017 by Rockefeller & Co., Inc. All rights reserved. Does not apply to sourced material. Products and services may be provided by various subsidiaries of Rockefeller & Co., Inc.
“THE CONCEPT
OF ‘ACTIVE
STEWARDSHIP’ WAS
FIRST INTRODUCED IN
THE UNITED KINGDOM
IN 2010 WHEN THE
COUNTRY’S FINANCIAL
REPORTING COUNCIL
INTRODUCED THE UK
STEWARDSHIP CODE.”
– Mariela Vargova, Ph.D.
1
ACTIVE STEWARDSHIP IN FINANCIAL SERVICES
Active Stewardship
Nine years ago, in mid-March, Bear Stearns, which in 2007 traded
at over $125 per share, was sold to J.P. Morgan for $10 per share
in a transaction that many mark as the beginning of, what we now
know as, the Global Financial Crisis of 2008. While it is said that
the passage of time heals all wounds, the disastrous contagion
across the global financial landscape, the collapse of numerous
large financial institutions and the loss of public trust in the
financial services sector remains on the minds of many. Whether it
was opaque counterparty exposure, excessive leverage, insufficient
risk management, or a lack of corporate transparency, we now