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
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.

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