Episode summary
Bloomberg Wealth: Rockefeller Capital Management President and CEO Greg Fleming
The David Rubenstein Show
· · Hosts: David Rubenstein · Guests: Greg Fleming
Summary
Greg Fleming says Rockefeller Capital Management was built to serve wealthy American families with advice that goes beyond investing, including estate planning, tax planning, family office services and philanthropy. He argues that affluent families often need help preserving wealth across generations, especially when the original business owners know how to create money but not necessarily how to manage or transfer it.
Fleming describes how Rockefeller Capital Management grew from 18 billion in client assets when it was acquired in 2018 to more than 200 billion today. He says the firm remains private by choice because it does not need IPO capital and believes long-term shareholders are comfortable with that path. He also says the business is focused overwhelmingly on the U.S., where wealth creation remains strong.
On the macro side, Fleming says his biggest concern is the U.S. fiscal outlook, pointing to persistent deficits, nearly 40 trillion in debt and rising interest costs. He also thinks artificial intelligence could be both disinflationary and disruptive, boosting productivity while forcing a major transition in jobs and workflows. He expects AI to make Rockefeller’s advisor teams more efficient, not replace the relationship-driven client interface.
Key takeaways
- Fleming says Rockefeller Capital Management’s sweet spot is roughly 20 million to 250 million in client assets, though it serves families with more than 1 billion too.
- He says the firm grew from 18 billion in client assets in 2018 to over 200 billion by focusing on wealthy American families and open-architecture advice.
- Fleming says his biggest economic worry is the U.S. fiscal position, citing 5% to 7% of GDP deficits, nearly 40 trillion in debt and rising interest costs.
- He expects AI to make private advisors more efficient, with one team potentially serving 40 clients with $100 million each instead of 20 within 3 to 5 years.
- Fleming says he is proudest of building Rockefeller Capital Management and regrets having to sell Merrill Lynch during the financial crisis.
Notable quotes
“We wanted to build a business to take care of wealthy American families across the country, not just the Rockefellers”
“It's a distinctly, uh, uh, American notion that philanthropy should be part of wealth creation”
“We bought it with 18 billion in client assets, and our client assets today are over 200 billion”
“we don't need the capital that would come with an IPO, which is, you know, a lot of the reason why people do IPOs”
“I'm most focused on the fiscal situation in this country”
How the episode opens
We wanted to build a business to take care of wealthy American families across the country, not just the Rockefellers. It's a distinctly, uh, uh, American notion that philanthropy should be part of wealth creation. I tell people today, younger bankers, you want to really get a long term client.
Make sure you tell them when they shouldn't do the deal. The Rockefeller name has been synonymous with wealth for more than a century. Rockefeller Capital Management traces its roots to a family office established by John D Rockefeller in 1882.
It became a multi-family office in the 70s. And in 2018 we bought it from the Rockefellers. And Jacob Rothschild owned a piece at that time, and we created something called Rockefeller Capital Management.
It's president and CEO Greg Fleming saw an opportunity to turn a storied family office into a modern wealth management firm serving rich families across America. We bought it with 18 billion in client assets, and our client assets today are over 200 billion. So we've grown the value of the company quite significantly today.
Rockefeller Capital Management provides clients with investment management, estate and tax planning and family office services. Fleming took an unconventional path to Wall Street, raising a family of educators. Fleming headed to Yale Law School after graduating from Colgate.
But during his final year at Yale, he discovered management consulting and took an unexpected turn in the business. I said, I really want this job, and he said, well, you came in late. We filled the class with business school students.
We don't typically hire from law schools, but we'll keep you in mind. And he came back two minutes later and he said, you're in. And it changed my life.
Before building Rockefeller Capital, Fleming also spent more than two decades at Merrill Lynch, eventually becoming president of the firm.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- ai in financial advice
- u.s. fiscal outlook
- wealth management
- family philanthropy
- financial crisis career
Companies and tickers mentioned
- Rockefeller Capital Management
- Merrill Lynch
- Booz Allen
Watch the episode
Watch “Bloomberg Wealth: Rockefeller Capital Management President and CEO Greg Fleming” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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