Bessemer Trust

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Bessemer Trust
Industry Family office
Founded 1907
Founder Henry Phipps, Jr.
Website bessemer.com

Bessemer Trust, founded in 1907, is a private, independent office that oversees more than $106 billion for 2,300 families, foundations, and endowments.[1] The firm has their headquarters in New York City and 17 regional offices elsewhere in the world.[2]

History and family ownership[edit]

In 1907, Henry Phipps, Jr. (1839–1930), of the Phipps family which still owns and directs Bessemer Trust, started Bessemer Trust as a family office to manage money he earned from his sale of Carnegie Steel, which he founded with Andrew Carnegie. In 1974, the Phipps family began allowing other select wealthy families to use Bessemer Trust's family office capabilities. This allowed the firm to maintain the size required to attract potential staff and investments.[3] The current Chairman of the Board of Directors is the great-grandson of Henry Phipps, Stuart S. Janney III,[4] who succeeded Ogden Mills Phipps in 1994.[5]

Company[edit]

Bessemer Trust's headquarters are in New York City. The firm has 17 regional offices located in Atlanta, Boston, Chicago, Dallas, Denver, Long Island (Garden City, NY), Greenwich, Houston, Los Angeles, Miami, Naples, Palm Beach, San Francisco, Seattle, Washington, D.C., Wilmington, and Woodbridge, NJ. International offices are located in the Cayman Islands and London.[2]

Bessemer Trust manages wealth totaling 106 billion dollars, 90% of which comes from their 2,300 clients. With a client-retention rate of 98.4%,[6] the firm holds on to significantly more of their clients than the industry-wide average of 95%.[7] Clients must have at least $10 million to expect a full range of services from Bessemer Trust.[6]

Recognition[edit]

Bessemer Trust won three notable awards in the 2014 Family Wealth Report, the yearly report from an organization that evaluates and ranks wealth management firms. The awards Bessemer Trust won include Best National Multi-Family Office and Best Fund Manager.[8]

Lindsay Goldberg & Bessemer[edit]

In 2001, Bessemer Trust entered into a partnership with Morgan Stanley's Alan Goldberg to form Lindsay Goldberg & Bessemer, a middle market private equity firm. Prior to the founding of LGB, Bessemer Trust's Robert Lindsay was responsible for making private equity investments.[9]

See also[edit]

References[edit]

  1. ^ "Overview". Bessemer Trust. Retrieved 2015-09-08. 
  2. ^ a b "Contact Us". Bessemer Trust. Retrieved 2015-09-08. 
  3. ^ "Bessemer Public New > Our Heritage". www.bessemertrust.com. Retrieved 2016-03-26. 
  4. ^ "Phipps family". Forbes. Retrieved 2016-03-26. 
  5. ^ "Annual Report - 2004" (PDF). Bessemer Trust. Retrieved 2015-09-08. 
  6. ^ a b Johnson, Hilary. "Bessemer Trust". www.barrons.com. Retrieved 2016-03-26. 
  7. ^ Johnston, William (January 2014). "Greenleaf Trust Newsletter" (PDF). Greenleaf Trust. 
  8. ^ "Family Wealth Report". Wealth Briefing. Archived from the original on 2016-04-05. 
  9. ^ "Robert Demarest Lindsay: Executive Profile & Biography - Businessweek". Businessweek.com. Retrieved 2016-03-26.