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6 Single-Family Offices Of American Oil Tycoons

by trusted insight posted 5years ago 5280 views
Oil and gas companies keep the world running and its founders wealthy.

John D. Rockefeller, a man whose name is synonymous with extreme wealth, pioneered the idea of an oil giant. ExxonMobil, Chevron and the other top energy firms, many of which are direct descendants of Rockefeller’s Standard Oil, have been ranked high among the world’s largest companies for decades. 

This week, Trusted Insight casts light on a group of family offices that serve the founders of oil companies and their heirs. All the companies associated with these family offices have histories longer than 50 years. The oldest was founded in 1934. 

Today, many of these family offices are run by younger family members or external investment professionals with operations globally. Their investments span from traditional assets to real estate to high-tech venture capital.

Here are six single-family offices of billionaires who tapped their fortunes from oil and its adjacent industries. 

Palette Investment Company
Family Represented: Ray L. Hunt
Original Wealth Source: Hunt Oil Company
Key Investment Professional: McCall Cravens, Chief Investment Officer

Palette Investment Company is the family office of Ray L. Hunt, son of H. L. Hunt (1889 - 1974), a Texas oil tycoon and the founder of Hunt Oil Company.

H. L. Hunt founded Hunt Oil Company in 1934, which held a near monopoly over the East Texas Oil Field, one of the world’s largest oil deposits. Today, Hunt Oil is one of the largest private companies in the United States, with oil production activities in the United States, Canada and Yemen. The company operates under its parent holding entity, Hunt Consolidated, Inc., of which Ray Hunt is chairman and CEO. 

Rosewood Private Investments    
Family Represented: Caroline Hunt
Original Wealth Source: Hunt Oil Company
Key Investment Professional: G.T. Barden, Managing Director

Rosewood Private Investments is the private equity arm of The Rosewood Corporation, a family office owned by the Caroline Hunt Trust Estate, which H. L. Hunt established in 1935 (one year after he founded Hunt Oil Company) for his daughter Caroline Hunt. Rosewood now operates as an institutional firm with diverse worldwide operations and investments. 

Élevage Capital    
Family Represented: Everett Pierce Marshall Jr.
Original Wealth Source: Marshall Petroleum
Key Investment Professional: Everett Pierce Marshall Jr., President & CEO

Élevage Capital is the family office of the Marshall family, whose fortune originates from the long and successful career of James Howard Marshall II (1905 - 1995) in the oil industry. 

J. Howard Marshall II began his oil career in 1935 as a counsel to the president of Standard Oil of California (now Chevron), after working in universities and government service. He subsequently held important positions at multiple oil companies, including Ashland Oil and Refining Co. (now Ashland Inc.), Signal Oil & Gas, Union Texas Petroleum (later merged into BP) and Allied Signal (now Honeywell). His most notable business stake was a 16 percent share in Koch Industries, today the second largest private company in America, valued at $100 billion, according to Forbes. 

Élevage Capital is headed by J. Howard Marshall II’s grandson, Everett Pierce Marshall Jr. The firm invests in municipal bond strategies, venture capital, private equity funds and real estate. 

Zarrow Family Office
Family Represented: The Zarrow Family
Original Wealth Source: Sooner Pipe And Iron (Later known as Sooner Pipe & Supply)
Key Investment Professionals: Judith Zarrow Kishner, Trustee and Manager; Steve Cochran, Managing Director

Zarrow Family Office manages assets for the Anne & Henry Zarrow Family Foundation, founded by Tulsa, Oklahoma businessman Henry Zarrow (1916 - 2014) and his wife Anne Zarrow (1915 - 2000). The foundation funds causes throughout Oklahoma and in Israel. 

In 1937, Henry Zarrow founded Sooner Pipe And Iron. The business grew as more members from his family joined. He later expanded his business into second-hand oil pipeline dealing and distribution OCTG (oil country tubular goods) for large oil companies like Shell. Zarrow sold Sooner in 1998 at age 82. 

Anschutz Investment Company 
Family Represented: Philip F. Anschutz
Original Wealth Source: Anschutz Group
Key Investment Professional: Bryan Ritz, Managing Director

Anschutz Investment Company is a venture capital investment arm of The Anschutz Group, a group of businesses owned by Philip F. Anschutz, 76, an American business magnate whose fortune is estimated at $11.7 billion (as of 2016), according to Forbes.

Anschutz earned his first bucket of gold in the oil and gas business. He bought his father's drilling company, Circle A Drilling, in 1961 and earned large returns. In 1988, he and another investor acquired the then-troubled Southern Pacific Rail Corp. for $1 billion. The company was sold to Union Pacific Railroad in 1996 for $3.9 billion. 

Anschutz Investment Company specializes in investments in early- and late-stage companies. Its biggest investments include Chromatis Networks (acquired by Lucent in 2002), EmpowerTel Networks (acquired by Movius Interactive in 2002) and several other telecommunication and technology companies. 

1888 Management    
Family Represented: David & Charles Koch
Original Wealth Source: Koch Industries
Key Investment Professional: Trent May, Chief Investment Officer

1888 Management is a new family office set up by the Koch Brothers, David Koch and Charles Koch, in 2016 to manage part of their personal wealth. It operates under the umbrella of Koch Industries, originally established as Wood River Oil and Refining Company in 1940 and is now the second largest private company in the United States. 1888 Management reportedly manages $2 billion of assets currently, according to Forbes. 

Check out Trusted Insight's collection of articles detailing institutional investment offices across the world.

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