Fleming's Rockefeller Capital may buy into Silicon Valley wealth firm

Fleming's Rockefeller Capital may buy into Silicon Valley wealth firm
Firm is in talks to acquire at least part of CTC/myCFO from Bank of Montreal.
SEP 07, 2018
By  Bloomberg
Rockefeller Capital Management is in talks to buy at least part of a Silicon Valley-based wealth adviser from Bank of Montreal as it targets one of the fastest growing sources of affluence in the U.S. The investment firm led by former Morgan Stanley executive Greg Fleming is looking to acquire assets from Redwood City, Calif.-based CTC|myCFO, according to a person with knowledge of the matter. Discussions are still underway, and the deal may fall through, said the person, who asked not to be identified because the details aren't public. Representatives for Bank of Montreal and Rockefeller declined to comment. Mr. Fleming, 55, former head of Morgan Stanley's retail brokerage, has sought to expand Rockefeller Capital since taking over as chief executive officer in March. The company is interested in acquiring other wealth-management firms, particularly on the West Coast, according to people with knowledge of the plans. MyCFO, which specializes in wealth-planning and accounting services, has strong ties with billionaire entrepreneurs and counts Laurene Powell Jobs' Emerson Collective among its clients, according to filings. Netscape Communications Corp. co-founder James Clark founded myCFO in 1999 and sold most of the firm to Bank of Montreal in 2002. A decade later, the lender purchased CTC Consulting and combined the two units to form CTC|myCFO. Rockefeller Capital traces its roots to Rockefeller & Co., once the family office of John D. Rockefeller that later evolved into a business serving wealthy families, endowments and foundations. Mr. Fleming has said he intends to create a unit focusing on advising large multinational companies and wants to attract a broader segment of wealthy clients.

Latest News

Five-person Raymond James team jumps to Janney in Maryland
Five-person Raymond James team jumps to Janney in Maryland

The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.

$20B Merit looks to next phase as Constellation takes minority stake
$20B Merit looks to next phase as Constellation takes minority stake

The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.

$350M father-son duo hops from Osaic to Equitable Advisors
$350M father-son duo hops from Osaic to Equitable Advisors

The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”

Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds
Fresh off HPS acquisition, BlackRock inks deal for $7.3B ElmTree Funds

The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.