Rockefeller acquires $1.4 billion Chicago family office

Rockefeller acquires $1.4 billion Chicago family office
Whitnell is Rockefeller’s second family office acquisition, following the addition of Silicon Valley-based Financial Clarity in 2019, Rockefeller Capital Management has continued to expand its presence in the Midwest, opening its first Chicago-based Private Wealth Management office in October 2020
JAN 06, 2021

Storied East Coast wealth management firm Rockefeller Capital Management has expanded its Midwest footprint with the acquisition of Whitnell & Co., a $1.4 billion multifamily office based in Chicago.

Whitnell is Rockefeller’s second family office acquisition, following the addition of Silicon Valley-based Financial Clarity in 2019. Rockefeller Capital Management has continued to expand its presence in the Midwest, opening its first Chicago-based Private Wealth Management office in October 2020.

Mark Bruno, managing director at Echelon Partners, said the Whitnell deal is in line with Rockefeller’s more aggressive recruiting and growth efforts recently.

“A balanced inorganic growth strategy that relies on both recruiting and M&A is an ideal way to build a thoughtful, selective presence in key markets,” he said. “The acquisition of Whitnell provides an anchor in the Midwest to complement its established businesses on the East and West Coasts and sets up Rockefeller, one of the largest wealth managers in the industry, to have a true national reach.”

Through a strategic partnership between Rockefeller & Co. and Associated Banc-Corp, Whitnell will become a division of the Rockefeller Family Office and Associated Bank, NA will become a mortgage lending referral partner in the Midwest.

The entire Whitnell team, approximately 25 professionals, including three adviser teams and three senior client advisors, will be joining Rockefeller.

“Associated looks forward to complementing Rockefeller’s mission to provide sophisticated and customized services to their clients by being a preferred provider of mortgage lending and trust services for their clients,” said John Thayer, chief executive officer at Whitnell.

Latest News

401(k) savings rate at new record high but balances are down slightly
401(k) savings rate at new record high but balances are down slightly

Quarterly analysis of retirement accounts highlights positive behavior.

JPMorgan mulls new asset lending scheme aimed at crypto ETF investors
JPMorgan mulls new asset lending scheme aimed at crypto ETF investors

Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.

Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader
Fintech bytes: Future Capital adds RayJay alum to C-suite, Advyzon welcomes ex-Envestnet leader

The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.

UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel
UBS 'wrongfully' fired Idaho advisor in 2021: FINRA panel

“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.

Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role
Cetera Trust hires Fidelity vet Kerri Scharr for chief fiduciary officer role

The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave

SPONSORED The evolution of private credit

From direct lending to asset-based finance to commercial real estate debt.