{{Short description|US domestic multi-family office}} {{Infobox company | name = Bessemer Trust Company | logo = Bessemer_Trust_Logo.svg | type = Private | industry = Family office | fate = | predecessor = <!-- or: | predecessors = --> | successor = <!-- or: | successors = --> | founded = {{Start date and age|1907|df=yes}} | founder = Henry Phipps Jr. | defunct = <!-- {{End date|YYYY|MM|DD}} --> | hq_location = International Building<br>(moving to 1271 Avenue of the Americas in 2021)<ref>{{Cite web| last1 = September 25| first1 = Betsy Kim |last2 = PM| first2 = 2018 at 05:11| title = Bessemer Trust Leases Top Seven Floors at 1271 Avenue of the Americas| work = GlobeSt| accessdate = 2020-01-08| url = https://www.globest.com/2018/09/25/bessemer-trust-leases-top-seven-floors-at-1271-avenue-of-the-americas/}}</ref> | hq_location_city = New York City | hq_location_country = United States | area_served = <!-- or: | areas_served = --> | key_people = | products = | owner = Phipps family | num_employees = | num_employees_year = <!-- Year of num_employees data (if known) --> | parent = | website = {{URL|bessemertrust.com}} }} '''Bessemer Trust''' is a private, independent multi-family office that oversees more than $200 billion for over 3,000 families, foundations and endowments.<ref>{{cite web|title=Overview|url=http://www.bessemertrust.com/portal/site/bessemernew/menuitem.c4974f7d4e9b050ed0db70106e730a6c|website=Bessemer Trust|accessdate=2015-09-08}}</ref> Founded in 1907, the firm has its headquarters in New York City, with 19 regional offices elsewhere in the world.<ref name=":2" />
==History and family ownership== In 1907, Henry Phipps Jr. (1839–1930), of the Phipps family that still owns and directs the firm, started Bessemer Trust as a family office to manage money he earned from his sale of Carnegie Steel, which he founded with Andrew Carnegie.
Around 1920, Bessemer Trust for the Phipps family "provided not only investments but dog walking, maids and a private train to shuttle family members between New York and Florida." The Bessemer name was a reference to a steel-making process that had helped enrich the Phippses.<ref name="1:8">{{Cite news |date=2021-04-23 |title=Where is my family office? |work=Financial Times |url=https://www.ft.com/content/abd057c8-2204-4331-8bb5-3658f137601a |access-date=2023-01-20}}</ref>
In 1974, the Phipps family began allowing other select wealthy families to use Bessemer Trust's family office capabilities. This allowed the firm to maintain the size required to attract potential staff and investments.<ref name=":1">{{Cite web|url=https://www.bessemertrust.com/portal/site/bessemernew/menuitem.0c3c8d2cfaf3f4fe8bfbfb106e730a6c/|title=Bessemer Public New Our Heritage|website=www.bessemertrust.com|access-date=2016-03-26}}</ref> In 2001, Bessemer Trust entered into a partnership with Morgan Stanley's Alan Goldberg to form Lindsay Goldberg & Bessemer, a middle market private equity firm. Prior to the founding of LGB, Bessemer Trust's Robert Lindsay was responsible for making private equity investments.<ref>{{Cite web|url=https://www.bloomberg.com/research/stocks/private/person.asp?personId=102392&privcapId=102388|title=Robert Demarest Lindsay: Executive Profile & Biography - Businessweek|website=Businessweek.com|access-date=2016-03-26}}</ref> Bessemer Trust won three notable awards in the 2014 Family Wealth Report,<ref>[https://web.archive.org/web/20160405184810/http://www1.wealthbriefing.com/awards/FWR%20Awards%202014%20Winners.php 2014 Family Wealth Report]</ref> the yearly report from an organization that evaluates and ranks wealth management firms. The awards Bessemer Trust won include ''Best National Multi-Family Office'' and ''Best Fund Manager''.<ref>{{Cite web|url=http://www1.wealthbriefing.com/awards/FWR%20Awards%202014%20Winners.php|title=Family Wealth Report|last=|first=|date=|website=Wealth Briefing|publisher=|access-date=|url-status=dead|archiveurl=https://web.archive.org/web/20160405184810/http://www1.wealthbriefing.com/awards/FWR%20Awards%202014%20Winners.php|archivedate=2016-04-05|df=}}</ref>
The current Chairman of the Board of Directors is the great-grandson of Henry Phipps, Stuart S. Janney III,<ref>{{Cite web|url=https://www.forbes.com/profile/phipps/|title=Phipps family|website=Forbes|access-date=2016-03-26}}</ref> who succeeded Ogden Mills Phipps in 1994.<ref>{{cite web|title=Annual Report - 2004|url=http://www.bessemertrust.com/portal/binary/com.epicentric.contentmanagement.servlet.ContentDeliveryServlet/Public/Published/PublicEmailImages/PDFs/BessemerTrust_2014%20Annual%20Report.pdf|website=Bessemer Trust|accessdate=2015-09-08}}</ref> In 2018, Bessemer Trust leased the top seven floors at 1271 Avenue of the Americas in Manhattan, relocating from 630 Fifth Avenue in 2021.<ref>{{Cite web |last=September 25 |first=Betsy Kim {{!}} |last2=PM |first2=2018 at 05:11 |title=Bessemer Trust Leases Top Seven Floors at 1271 Avenue of the Americas |url=https://www.globest.com/sbm-gbst/2018/09/25/bessemer-trust-leases-top-seven-floors-at-1271-avenue-of-the-americas/ |access-date=2023-01-27 |website=GlobeSt |language=en}}</ref> As of 2021, it managed around $100 billion in assets, including assets of celebrities such as Britney Spears. It asked to withdraw as the conservator to her estate in July 2021, stating it had not known of her objection to the conservatorship, after she publicly criticized the arrangement.<ref name="1:1">{{Cite news |last=Day |first=Liz |last2=Stark |first2=Samantha |last3=Coscarelli |first3=Joe |date=2021-07-01 |title=Company Set to Manage Britney Spears’s Estate Asks to Withdraw |language=en-US |work=The New York Times |url=https://www.nytimes.com/2021/07/01/arts/music/britney-spears-bessemer-trust-conservatorship.html |access-date=2023-01-27 |issn=0362-4331}}</ref> As such, they withdrew from the role entirely.<ref name="1:2">{{Cite web |title=Britney Spears Attorney Seeks To Oust Singer's Father As Conservator |url=https://kfab.iheart.com/content/2021-07-26-britney-spears-attorney-seeks-to-oust-singers-father-as-conservator/ |access-date=2023-01-27 |website=NewsRadio 1110 KFAB |language=en}}</ref> The request was accepted by a judge – Bessemer Trust had been appointed in November 2020 but had not yet started its duties or received any assets or fees.<ref>{{Cite web |last=Haroun |first=Kim Renfro, Azmi |title=Bessemer Trust is officially removed as a conservator for Britney Spears, temporarily leaving Jamie Spears as the sole conservator of her estate |url=https://www.insider.com/britney-spears-estate-conservator-bessemer-trust-officially-resigns-2021-7 |access-date=2023-01-27 |website=Insider |language=en-US}}</ref>
As of December 31, 2020, the Bessemer Trust Company had a 401(k) plan in New Jersey of $520 million.<ref name="1:5">[https://www.pionline.com/courts/bessemer-trust-sued-favoring-proprietary-funds-401k-plan https://www.pionline.com/courts/bessemer-trust-sued-favoring-proprietary-funds-401k-plan] - accessed Dec. 31, 2022</ref> As of 2021, Bessemer Trust remains a wealth management firm.<ref name="1:9">{{Cite news |last=Sullivan |first=Paul |date=2021-09-10 |title=With Extreme Weather, Home Insurance Will Cost More. If You Can Get It. |language=en-US |work=The New York Times |url=https://www.nytimes.com/2021/09/10/your-money/extreme-weather-homeowner-insurance.html |access-date=2023-01-27 |issn=0362-4331}}</ref> In 2022, Bessemer Group Inc. operated two banks insured by the FDIC - Bessemer Trust Co. NA and Bessemer Trust Co. It also operated two direct US trust companies: Bessemer Trust Co. of Delaware NA and Bessemer Trust Co. of Florida.<ref name="1:3">{{Cite web |title=New bank charter applications of 2022: Bessemer Trust Co. of Nevada, AarBank |url=https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/new-bank-charter-applications-of-2022-bessemer-trust-co-of-nevada-aarbank-72604097 |access-date=2023-01-27 |website=www.spglobal.com |language=en-us}}</ref>
==Company== Bessemer Trust's headquarters are in New York City. The firm has 18 regional offices located in Atlanta, Boston, Chicago, Dallas, Denver, Grand Cayman, Greenwich, Houston, Los Angeles, Miami, Naples, Palm Beach, San Francisco, Seattle, Stuart in Florida, Washington, D.C., Wilmington, and Woodbridge in New Jersey.<ref name=":2">{{cite web|title=Contact Us|url=http://www.bessemertrust.com/portal/site/bessemernew/menuitem.2ec12798f987150ed0db70106e730a6c|website=Bessemer Trust|accessdate=2015-09-08}}</ref>
Bessemer Trust manages wealth totaling $106 billion, 90% of which comes from their 2,300 clients. With a client-retention rate of 98.4%,<ref name=":0">{{Cite web|url=http://www.barrons.com/articles/SB125936529386967205|title=Bessemer Trust|last=Johnson|first=Hilary|website=www.barrons.com|language=en-US|access-date=2016-03-26}}</ref> the firm holds on to significantly more of their clients than the industry-wide average of 95%.<ref>{{Cite web|url=https://greenleaftrust.com/wp-content/uploads/2015/05/Perspectives-January-2014.pdf|title=Greenleaf Trust Newsletter|last=Johnston|first=William|date=January 2014|website=Greenleaf Trust|publisher=|access-date=}}</ref> Clients must have at least $10 million to expect a full range of services from Bessemer Trust.<ref name=":0" />
==References== {{Reflist|2}}
==External links== *{{Official website|https://www.bessemertrust.com/}} *[http://www.barrons.com/articles/SB125936529386967205 Bessemer Trust at ''Barron's'']
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Category:American companies established in 1907 Category:Financial services companies established in 1907 Category:Banks established in 1907 Category:Banks based in New York City Category:1907 establishments in New York (state)