An executive from independent wealth manager Rockefeller Capital Management reportedly said that prevailing challenges from geopolitics and the pandemic in China will impact the trajectory of expansion by foreign financial firms.
«There will be much more caution in terms of the level of capital investment and aggressiveness of the growth strategy,» said Greg Fleming, head of Rockefeller Capital Management, in a recent interview with «Bloomberg».
According to Fleming, the shift in strategy is driven by growing geopolitical tensions as well as the country’s strict Covid-linked restrictions.
Home Expansion
Instead, Fleming believes that the pullback in China will boost the US economy in areas such as the manufacturing of high tech parts like semiconductors.
«All the major financial firms in the US were trying to build a presence in those markets and now you have a retrenchment back to home markets, on both a financial basis as well as on trade,» he said, calling the China retreat a departure from a trend he’s seen for much of his career.
Rockefeller Capital Management was established in 2018 following an acquisition by hedge fund Viking Global Investors in Rockefeller & Co – the single family office of the Rockefellers since 1882 which turned into a multi-family office in 1979. As of end-March, the New York-based firm oversaw $95 billion in client assets across its three business segments.
