Rockefeller Financial Services Inc. and former Morgan Stanley wealth management chief Gregory Fleming have agreed to establish Rockefeller Capital Management, a financial services firm.
Rockefeller Capital Management will focus on wealth management, asset management and strategic advisory. Fleming, who earlier served as president of Morgan Stanley Wealth and Asset Management, will lead the new company as CEO. He will also sit on the board, which will also include David Rockefeller Jr., Peter O'Neill, Reuben Jeffery III, and Brian Kaufmann of Viking.
Rockefeller Capital Management will be owned by a Viking Global Investors LP. investment fund, a trust representing the broader Rockefeller family, and the company's management. It will have four operating units: wealth management, asset management, family office advisory, and strategic advisory.
Subject to closing conditions, the transaction is expected to close in the first quarter of 2018. Ardea Partners acted as the financial adviser to Rockefeller Financial Services, and Willkie Farr & Gallagher LLP was its legal adviser. Paul Weiss Rifkind Wharton & Garrison LLP was the legal adviser to Viking.
Rockefeller Financial Services Inc. is the parent of Rockefeller & Co. Inc., which had approximately $16.2 billion in assets under advisement as of June 30. Viking, a registered investment adviser, manages approximately $25 billion in capital.