Several months after hiring a managing director to build out a San Francisco office, Rockefeller Capital Management has added its first advisory team in the Bay Area, including Bruce Tenenbaum and Andy Lam, who both join UBS Private Wealth Management.
The Tenenbaum Group, which provides wealth planning and investment strategies for some of the region’s wealthiest individuals, joins Rockefeller’s Global Family Office.
“Bruce and his team bring extensive wealth and investment planning knowledge that can be augmented by the comprehensive family office expertise at Rockefeller, including tax, lending, portfolio construction and trust and estate services,” said Christopher Randazzo, president of Rockefeller Private Wealth Management.
In December of last year, Rockefeller hired Anthony Grosso, a manager with 15 years of experience at Merrill Lynch, to oversee the formation of Rockefeller’s first Bay Area office, recruit new wealth advisors and broaden their reach in the Pacific Northwest.
In recent months, Rockefeller has busily acquired new teams and attracted advisors; in December, two Atlanta-based UBS advisors with $2.2. billion in managed client assets joined Rockefeller, becoming the firm’s first two advisors in the Georgia capital. Just one month later, two teams from Merrill Lynch followed suit to build up the Atlanta office. In March, Rockefeller hired a former Merrill Lynch executive as the firm’s first chief information officer. In addition to the San Francisco and Atlanta locations, Rockefeller has offices in New York, Boston, Saratoga Springs, N.Y., Washington, D.C., Salt Lake City and Wilmington, Del.
Rockefeller Capital Management officially launched in February 2018 with the acquisition of the family office Rockefeller & Co. and an investment fund from Viking Global Investors and a Rockefeller family trust. It launched with $18.5 billion in assets under advisement. At the time of the launch, President and CEO Greg Fleming told WealthManagement.com he wanted the firm to grow to $100 billion in assets within five years and thought the prominence of the Rockefeller name could encourage such growth.
“The perception is that we’re much bigger today than we actually are because the name is so well-known,” Fleming said. “So, ultimately, we think we can generate new clients in Europe and Asia because Rockefeller is a very well-recognized and respected name in those places.”