Bessemer Trust
| Company type | Private |
|---|---|
| Industry | Wealth management, Financial services |
| Founded | 1907 |
| Founder | Henry Phipps Jr. |
| Headquarters | New York City , United States |
Area served | Worldwide |
Key people | Stuart S. Janney III (Chairman) |
| Products | Wealth management, fiduciary services, banking |
| Website | bessemertrust |
Bessemer Trust is a privately held, independent multi-family office overseeing assets exceeding $200 billion on behalf of more than 3,000 families, foundations, and endowments. Established in 1907 by Henry Phipps Jr., the company is based in New York City and operates through 19 regional offices worldwide.
History and family ownership
Bessemer Trust was created by Henry Phipps Jr., a co-founder of the Carnegie Steel Company, as a family office dedicated to managing his personal wealth. Its name honors the Bessemer steel process that played a significant role in building the Phipps family fortune. By the 1920s, the firm had broadened its offerings beyond investment management to include services such as personal assistance and transportation for family members.
In 1974, the firm extended its services to select affluent families outside the Phipps lineage, thereby expanding its market reach and attracting skilled professionals. A strategic move in 2001 saw Bessemer collaborate with Morgan Stanley’s Alan Goldberg to establish Lindsay Goldberg & Bessemer, a private equity firm focused on middle-market investments, marking a diversification of its portfolio.
The company has received accolades within the industry, including recognition as Best National Multi-Family Office and Best Fund Manager in the 2014 Family Wealth Report.
Stuart S. Janney III, great-grandson of Henry Phipps, has served as Chairman of the Board since 1994. In 2018, Bessemer secured leases for premium floors at 1271 Avenue of the Americas in Manhattan and completed its headquarters relocation there in 2021 to accommodate business expansion.
By 2021, Bessemer Trust managed roughly $100 billion in assets and counted high-profile clients such as Britney Spears among its portfolio. The firm ceased managing her conservatorship mid-2021 following public criticism.
Bessemer Trust also operates two FDIC-insured banking institutions—Bessemer Trust Co. NA and Bessemer Trust Co.—alongside two direct trust companies located in Delaware and Florida, reflecting its broad corporate framework within wealth management and fiduciary services.
As of December 31, 2020, it administered a $520 million 401(k) plan based in New Jersey. The firm remains committed to wealth management services, leveraging strategic governance to sustain its leadership position within the family office sector.
Company
Headquartered in New York City, Bessemer Trust maintains 18 regional offices across key U.S. cities including Atlanta, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, Miami, San Francisco, Seattle, Washington, D.C., as well as an international presence in Grand Cayman.
The firm oversees $106 billion in client assets for about 2,300 high-net-worth individuals and families. Its client retention rate stands at an impressive 98.4%, surpassing the industry average of 95%. Bessemer Trust’s service model is designed for clients with minimum investable assets of $10 million, delivering comprehensive wealth management solutions.