Bessemer Trust is a private, independent multi-family office that oversees more than $140 billion for over 2,500 families, foundations and endowments. Founded in 1907, the firm has its headquarters in

New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...

, with 19 regional offices elsewhere in the world.

History and family ownership

In 1907,

Henry Phipps Jr. Henry Phipps Jr. (September 27, 1839 – September 22, 1930) was an American entrepreneur known for his business relationship with Andrew Carnegie and involvement with the Carnegie Steel Company. He was also a successful real estate investor ...

(1839–1930), of the

Phipps family The Phipps family of the United States is a prominent American family that descends from Henry Phipps Jr. (1839–1930), a businessman and philanthropist. His father was an English shoemaker who immigrated in the early part of the 19th century t ...

that still owns and directs the firm, started Bessemer Trust as a

family office A family office is a privately held company that handles investment management and wealth management for a wealthy family, generally one with at least $50-$100 million in investable assets, with the goal being to effectively grow and transfer w ...

to manage money he earned from his sale of

Carnegie Steel Carnegie Steel Company was a steel-producing company primarily created by Andrew Carnegie and several close associates to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century. The company was formed ...

, which he founded with

Andrew Carnegie Andrew Carnegie (, ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans i ...

. 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. The current Chairman of the

Board of Directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

is the great-grandson of Henry Phipps, Stuart S. Janney III, who succeeded

Ogden Mills Phipps Ogden Mills "Dinny" Phipps (September 18, 1940 – April 6, 2016) was an American financier, Thoroughbred racehorse industry executive, and horse breeder. Widely known by the nickname "Dinny," he was chairman of the family's Bessemer Trust until ...

in 1994.

Company

Bessemer Trust's headquarters are in New York City. The firm has 18 regional offices located in Atlanta, Boston, Chicago, Dallas, Denver, Grand Cayman, Greenwich, Houston, Los Angeles, Miami, Naples, Palm Beach, San Francisco, Seattle, Stuart, Washington, D.C., Wilmington, and Woodbridge, NJ. Bessemer Trust manages wealth totaling $106 billion, 90% of which comes from their 2,300 clients. With a client-retention rate of 98.4%, the firm holds on to significantly more of their clients than the industry-wide average of 95%. Clients must have at least $20 million to expect a full range of services from Bessemer Trust.

Recognition

Bessemer Trust won three notable awards in th
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''.

Lindsay Goldberg & Bessemer

In 2001, Bessemer Trust entered into a partnership with

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

's Alan Goldberg to form

Lindsay Goldberg & Bessemer Lindsay Goldberg (LGLLC) is an American private equity firm focused on leveraged buyout and growth capital investments in middle-market companies in such sectors as consumer products, commodity-based manufacturing, energy services, business serv ...

, a middle market private equity firm. Prior to the founding of LGB, Bessemer Trust's Robert Lindsay was responsible for making private equity investments.

References

External links

*
Bessemer Trust at ''Barron's''
{{Authority control American companies established in 1907 Financial services companies established in 1907 Banks established in 1907 Banks based in New York City 1907 establishments in New York (state)