Greg Fleming joins Rockefeller and Co.

Greg Fleming, a well-known Wall Street executive, is resurfacing nearly two years after leaving his role at Morgan Stanley as top lieutenant of Chief Executive James Gorman.
Rockefeller & Co., the 19th-century oil baron John D. Rockefeller's family office, is expected on Wednesday to name Mr. Fleming's new CEO, part of a deal in which the firm will be acquired by Viking Global Investors LP, a hedge-fund, and recast as an adviser and asset manager to the ultra-wealthy.
The deal is a reboot for the 135-year-old firm and a comeback for the 54-year-old Mr. Fleming, who came close to the top jobs at Merrill Lynch & Co. and Morgan Stanley but fell short at both.

Viking, which has about $25 billion under management, will buy a majority of the firm and rebrand it as Rockefeller Capital Management. The purchase price isn’t being disclosed, but a person familiar with the matter pegged it at low nine-figures, plus a commitment from Viking to invest more.
Rockefeller family members will continue to own about 10% of the company. Mr. Fleming will invest as well.
“This deal gives us the ability to reinvest in the business and offer our clients a broader array of services, neither of which we had before,” said David Rockefeller Jr., the firm’s chairman.
Viking is one of the world’s largest stock-focused hedge funds. It is led by the billionaire Andreas Halvorsen, a triathlete who earlier worked for the hedge-fund luminary Julian Robertson.

Wealth management, asset management and corporate advice are prized on Wall Street these days for their stable returns and little need for capital. Still, they are competitive and fragmented, with hundreds of small shops vying with the major banks

Source: WSJ
https://www.wsj.com/articles/former-morgan-stanley-executive-to-run-rockefeller-family-office-1507109581

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