Rockefeller Capital aims to double assets to $200 billion in 3-5 years


“We seek to have a physical presence in most major wealth centers in the United States,” Gregory Fleming told Reuters in an interview. Its business now spans 40 offices with more than $90 billion under management, growing from three offices and $18 billion in assets in 2018.

Fleming is an industry veteran who previously led the wealth management and investment arms of Morgan Stanley. As chief operating officer of Merrill Lynch, he helped steer the Wall Street firm through the financial crisis and its acquisition by Bank of America.

Rockefeller, which currently has about 250 private wealth advisers, aims to increase that number to 400-500 in three to five years.

It has already hired senior executives to fuel the expansion. Eric Heaton, former president of US banks at Morgan Stanley, joined Rockefeller this week to advise the CEO on his strategy and growth plans. Rose Lee, formerly at Credit Suisse, was hired in July as head of investment solutions to develop and manage products such as investments and securities.

Rockefeller will focus its wealth management efforts in the United States, where it already has a presence in major metropolitan areas, Fleming said. The company plans to open an office in Orlando, Florida and expand its presence in Charlotte, North Carolina, Austin, Texas and Nashville, Tennessee.

“Opportunity is always significant,” Fleming said.

In terms of markets, Rockefeller advises clients to be cautious through early next year, particularly if the Federal Reserve raises interest rates more aggressively than markets currently expect. Against this backdrop, Rockefeller clients bought US Treasuries with maturities closer to two, three and five years to take advantage of rising bond yields.

Investor demand is still firm despite bouts of illiquidity in the $23 trillion U.S. Treasury market, Fleming said.

(Reporting by Saeed Azhar and Lananh Nguyen; Editing by Mark Potter)

By Saeed Azhar and Lananh Nguyen


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