Rockefeller expects to double its holdings to $200 billion in 3-5 years.
According to its chief executive officer, Rockefeller Capital Management plans to expand into new U.S. cities and hire more wealth managers in order to double its assets under management to around $200 billion in three to five years.
Gregory Fleming told Reuters in an interview that “We’re seeking to have a physical presence in most of the main wealth centers in the United States.” From three locations and $18 billion in assets in 2018, the firm now encompasses 40 offices and has over $90 billion under control.
Fleming, a seasoned professional in the field, formerly served as the company’s head of wealth and investment management. He assisted Merrill Lynch’s chief operational officer in guiding the Wall Street company through the financial crisis and Bank of America’s takeover of the company.
Rockefeller plans to grow the number of its private wealth advisers from the current 250 to 400-500 in the next three to five years.
Senior hires have already been made to support the expansion. This week, Eric Heaton, a former president of Morgan Stanley’s U.S. banks, joined Rockefeller to counsel the CEO on the company’s strategy and expansion goals. As head of investment solutions, Rose Lee, formerly of Credit Suisse, was hired in July to create and oversee products including investments and securities.
Rockefeller will focus its wealth management activities in the US, where it already has a foothold in significant metropolitan centers, according to Fleming. The business intends to expand its presence in Charlotte, North Carolina, Austin, Texas, and Nashville, Tennessee, as well as create an office there.
The potential still exists, according to Fleming.
Rockefeller is encouraging customers to exercise caution in the markets through the beginning of next year, especially if the Federal Reserve raises interest rates more quickly than the markets are currently anticipating. In light of this, clients of Rockefeller have been purchasing U.S. Treasury securities having shorter maturities, such as those of two, three, and five years, can benefit from higher bond yields.
Despite periods of illiquidity in the $23 trillion US Treasury market, investor demand is remains strong, according to Fleming.
