New York City has long been the center of U.S. -- and some would argue global -- financial activity. Vast fortunes have been earned and lost many times over in America’s most populous city.
Anchored by the Financial District and Wall Street, New York is home to two of the largest stock exchanges in the world in addition to the bulge bracket banks, many of whom have remained perched atop the financial world for the past century.
The relative newcomers in the financial landscape of New York City are the single-family offices. As the number of billionaires worldwide has increased, so have the quantity and sophistication of investment offices dedicated to managing those fortunes.
As the financial capital, Trusted Insight is highlighting New York City-based single-family offices:
Brooklyn NY Holdings
Family Associated: Lerner Family
Source of Wealth: MBNA
Key Investment Professionals: Lee Herzog
Brooklyn NY Holdings (BNYH) is an asset management and investment firm managing $4 billion of assets for the Lerner Family. BNYH's investment activities include public market equity and fixed income portfolios, alternative investments, real estate and direct private equity investments.
Family Associated: Nicolas Berggruen
Source of Wealth: Investments
Key Investment Professionals: Jared Bluestein
Berggruen Holdings is the direct investment vehicle of The Nicolas Berggruen Charitable Trust. Berggruen Holdings invests in private equity, startups, middle market, emerging growth, growth capital, leveraged buyouts, distressed situations and balance sheet restructurings. The firm has a geographic focus on the United States and Greater Europe, but will also look at opportunities in emerging markets and Asia.
Fremont Private Holdings
Family Associated: Bechtel Family
Source of Wealth: Engineering
Key Investment Professionals: Scott Earthy, Timothy Sheehy
Fremont Private Holdings (FPH) is the direct private investment arm of Fremont Group, the investment office for the Bechtel family. FPH only invests permanent family capital and makes platform investments of $30 million to $100 million in growing family and founder-owned operating businesses. FPH targets investments in industrials/manufacturing, business services, and consumer/retail industries.
The Johnson Company
Family Associated: Johnson Family
Source of Wealth: Johnson & Johnson
Key Investment Professionals: Timothy Mullen
The Johnson Company is the family office tasked with managing the wealth of Robert Wood (Woody) Johnson IV, the owner of the National Football League’s New York Jets franchise. Woody’s grandfather was Robert Wood Johnson I, one of the founders of Johnson & Johnson. In January, Richard Slocum stepped down as chief investment officer to lead Harvard Management Company’s $35.7 billion endowment. The family office is conducting a search for his replacement.
Lakhani Family Office
Family Associated: Lakhani
Source of Wealth: Lakson Group
Key Investment Professionals: Mesh Lakhani
The Lakhani family office manages the investments of the Lakhani family who acquired their wealth through their involvement with the Lakson Group, a diversified business group based in Pakistan. The Lakhani family office focusses on investing in private investments in both early-stage equity and alternative debt. Their early-stage equity strategy is to co-invest with strong funds and syndicate leads. In the alternative credit space they provide debt capital into investments that are collateralized, asset backed or use data driven technology to make lending decisions.
Family Associated: Wertheimer Family
Source of Wealth: Chanel Inc.
Key Investment Professionals: Suzi Cohen
Mousse Partners Limited is a $44 billion single-family office founded by Charles Heilbronn to manage the wealth of the Wertheimer family, which owns Chanel. Suzi Cohen became chief investment officer in March 2016, replacing outgoing CIO Jean Hoysradt.
Family Associated: Michael Dell
Source of Wealth: Dell Inc.
Key Investment Professionals: Glenn Furhman, Joel Alsfine
MSD Capital was formed to manage the capital of Michael Dell and his family in 1998. MSD is an investment firm primarily focused on publicly-traded securities, traditional private equity activities, real estate, special opportunities and selectively investing with established third-party managers in the private and public markets. The firm employs 120 people across three offices.
Soros Fund Management
Family Associated: George Soros
Source of Wealth: Hedge Fund
Key Investment Professionals: Dawn Fitzpatrick, David Chiang, Ted Burdick
Soros Fund Management is the investment management firm and family office of the acclaimed investor George Soros. The firm was founded in 1969 and has reportedly delivered an average annual rate of return of 20% over four decades. In January, Dawn Fitzpatrick, a former head of UBS Group’s wealth management division, was named chief investment officer.
Family Associated: Michael R. Bloomberg
Source of Wealth: Bloomberg L.P.
Key Investment Professionals: Brad Briner
Willett Advisors manages $5 billion in assets for Michael R. Bloomberg, businessman and former Mayor of New York City. In 2010, Willett spun out from Bloomberg’s private equity firm, Quadrangle Group. At the time, Willett was under the direction of former CIO Alice Ruth, and 20 employees. Ruth left the family office to lead the endowment at her alma mater, Dartmouth College.