The renowned financial organization and a former senior Morgan Stanley figure have joined forces to build out a new wealth management business.

There is a new wealth manager in town, and one that’s won the backing of no less than Rockefeller & Co, the organization with $16.2 billion of assets as at the end of June. Rockefeller Financial Services, parent company of Rockefeller & Co, and Gregory J Fleming have agreed to form Rockefeller Capital Management.

The new business is described in a statement issued yesterday as “independent financial services firm focused on wealth management, asset management and strategic advisory”.

Greg Fleming will be the chief executive of Rockefeller when the agreed deal is complete. Fleming, who is a veteran of the industry, was most recently president of Morgan Stanley Wealth and Asset Management and prior to that, president of Merrill Lynch. 

Backing for the new firm comes from Viking Global Investors, via one of its investment funds, a trust representing the broader Rockefeller family, and the firm’s management. The ownership group anticipates making substantial additional capital investments in Rockefeller over several years.

At a time of mergers, acquisitions and breakaways by teams of managers from some of the largest houses, the development is another twist on a wealth sector going through considerable regulatory, technological and clientele change.

The firm intends to expand its asset management focus on global equities and ESG investing, add to its wealth management capabilities, and build a strategic advisory business. Rockefeller will have four operating units: wealth management, asset management, family office advisory and strategic advisory, it said. 

The board of the new firm will include Fleming, David Rockefeller, Jr., Peter M. O’Neill, Reuben Jeffery III, and Brian Kaufmann of Viking. Additional independent directors will be added in due course.

The transaction is subject to certain customary closing conditions and is expected to close in the first quarter of next year. 

Ardea Partners acted as the financial advisor to RFS, and Willkie Farr & Gallagher LLP was the legal advisor to RFS. Paul, Weiss, Rifkind, Wharton & Garrison LLP was the legal advisor to Viking.