Jeff Moy has left Rockefeller Financial after less than a year, several sources told sister Web site peHUB.
It’s unclear why Moy exited Rockefeller. He joined the wealth manager, which is a limited partner of many private equity funds, in August 2011. He was head of private equity and oversaw Rockefeller Financial’s buyout and VC investments.
Moy’s departure comes as Rockefeller has decided not to raise another fund of funds, a person says. Private equity funds of funds are coming under increased competition from separate accounts and consulting firms, one person said.”PE funds-of-fundraising is probably the most difficult part of private equity, because everyone is moving to separate accounts,” the source said.
Rockefeller Financial, which has about $30 billion in assets under administration, is also undergoing some changes. In May, RIT Capital Partners, which is chaired by Lord Jacob Rothschild, acquired a significant minority stake, 37 percent, in the firm. RIT Capital reportedly paid €100 million ($125 million) to Société Générale for the holding.
With the deal, the two famous families plan to capitalize on their names to buy other asset managers or their portfolios, according to The Telegraph. Rothschild also has significant private equity operations. Rockefeller Financial, as a matter of policy, does not comment on former employees, a company spokesman told peHUB.