Viking Global Investors LP has agreed to make an undisclosed investment in Rockefeller Capital Management, a new financial financial services firm focused on wealth management, asset management and strategic advisory. Rockefeller was formed by Rockefeller Financial Services Inc, the parent company of Rockefeller & Co. and Gregory J. Fleming, the former president of Morgan Stanley Wealth and Asset Management. Upon the closing of the deal, which is expected to occur in the first quarter of 2018, Fleming will become CEO of Rockefeller.
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.
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.