Keep pulling the thread on Greg Fleming.
Rockefeller Capital Management grew its client assets from $18 billion at the time of its acquisition in 2018 to over $200 billion today.
Rockefeller Capital Management does not plan to go public as it does not need the capital and its shareholders prefer for it to remain private for the long run.
The US government now spends more on interest payments for its national debt than it does on defense.
AI tools are expected to double the efficiency of private wealth advisors within 3 to 5 years, allowing one advisor to manage 40 clients with $100 million each.
The transition to an AI-driven economy may cause a temporary period of job displacement before new roles are created, and the US is not yet prepared for this impact.
Merrill Lynch was forced into a sale during the 2008 financial crisis due to a $70 billion portfolio of CDOs backed by subprime real estate, against which the firm took a $55 billion write-off.
Bank of America acquired Merrill Lynch for $50 billion, at a price of $29 per share.
In 2018, a group led by Greg Fleming acquired the Rockefeller multifamily office from the Rockefeller family and Jacob Rothschild, rebranding it as Rockefeller Capital Management.
Greg Fleming helped negotiate the sale of Merrill Lynch to Bank of America during the 2008 financial crisis.
Viking Global Investors was the financial backer for the 2018 acquisition of the Rockefeller family office.
The target client for Rockefeller Capital Management has a net worth between $20 million and $500 million.
The US is running annual fiscal deficits of 5-7% of GDP with no political will to change course.