The Desmarais clan just put $837 million on the table to buy 20.5% of the stock of the famous Rockefeller Capital Management in what looks like a billionaire marriage.
• Also read: Other public funds in an organization linked to the Desmarais
Taxes, trust and estate planning, investment banking, stock and securities strategies… Rockefeller Capital Management has developed several lucrative niches to manage the wealth of the ultra-rich.
Old ties between families
“Members of the Rockefeller and Desmarais families […] have longstanding ties,” IGM Financial Inc., which is owned by the wealthy Desmarais family through Power Corporation of Canada, said in a press release.
As of March 31, Rockefeller Capital Management, which has more than 40 offices across the United States, had nearly $135 billion in assets.
Although the fund is now named after the first billionaire in American history, John Davison Rockefeller, its main shareholder is the Greenwich, Connecticut-based fund Viking Global Investors.
Securing your business model
Rockefeller Capital Management could have partnered with IGM to secure its business model, according to Yan Cimon, a professor of strategy at Laval University.
“Right now there are uncertainties in several sectors of the American economy,” he notes.
“Capital is nervous,” he concludes.
For the past few days, IGM Financial Inc. and Rockefeller Capital Management have not responded to the Journal’s requests for interviews.
– With the collaboration of Marie Christine Trottier, Sylvain Larocque and Julien McEvoy
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