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Morgan Stanley, Merrill Alum Heads New Rockefeller WM

October 5, 2017

Gregory Fleming, the former president of Merrill Lynch and Morgan Stanley, is heading up a new wealth management practice that’s being formed with Rockefeller Financial Services Inc., the Financial Times reports.

The new firm, Rockefeller Capital Management, will be owned by Viking, a trust representing the Rockefeller family, and the firm’s executives, according to Reuters. Fleming will be the company’s CEO and will sit on its board, which will also include David Rockefeller Jr., Peter O’Neill, Reuben Jeffery III and Viking’s Brian Kaufmann, Reuters reports. The terms of the deal, expected to close in 2018, weren’t disclosed, according to the newswire.

The new venture marks Fleming’s return to Wall Street, the Financial Times writes. Fleming, who joined Morgan Stanley from Merrill Lynch in 2010, was at some point expected to succeed Morgan Stanley CEO James Gorman, according to the newspaper. But he left the wirehouse early last year and has been teaching at Yale Law School.

Fleming hasn’t exactly been out of financial services, however. He’s joined the board of Putnam Investments, advised the short-term White House communications chief Anthony Scaramucci on the sale of his hedge fund business and represented baseball pro Derek Jeter on his purchase of the Miami Marlins, according to Reuters.

He was also in discussions about joining the private equity firm Blackstone Group, Reuters writes.

Founded 135 years ago as the family office of John D Rockefeller, Rockefeller Financial Services already runs an asset management business, Rockefeller & Co., writes the Financial Times.

By Alex Padalka
  • To read the Financial Times article cited in this story, click here.
  • To read the Reuters article cited in this story, click here.