Willett Advisors
| Company type | Limited liability company |
|---|---|
| Industry | Family office |
| Founded | 2010 |
| Founder | |
| Headquarters | 650 Madison Avenue, New York City, New York, US |
Key people | Steven Rattner (Chairman & CEO) Andrew Mulderry (CIO)[1] |
| AUM | US$25 billion (2020)[2] |
| Website | willettadvisors |
Willett Advisors LLC (commonly known as Willett) is an investment management firm headquartered in New York City that functions as the family office for former New York City mayor and Bloomberg L.P. proprietor Michael Bloomberg. The firm is led by Steven Rattner, co-founder of the Quadrangle Group.
Background
In January 2008, amidst speculation about a presidential bid, Mayor Michael Bloomberg transferred his business holdings into a "blind trust" managed by the Quadrangle Group, which was headed by his longtime collaborator Steven Rattner. Despite this arrangement, Bloomberg maintained a degree of influence over investment choices. After Rattner departed Quadrangle in February 2009 to serve as an advisor on the Obama administration’s auto industry bailout, Quadrangle continued overseeing Bloomberg’s portfolio.
Bloomberg founded Willett Advisors in February 2010 to oversee his personal wealth and philanthropic foundation assets, moving $5 billion from Quadrangle to the new entity. This restructuring was interpreted as preparation for a potential presidential campaign by allowing for higher-risk investment strategies. By April 2010, Rattner had returned from his government role to head Willett, which began with a staff of twenty. Alice Ruth, formerly Chief Investment Officer at the Gordon and Betty Moore Foundation, was appointed CIO. Willett initially operated out of the Stuyvesant Fish House alongside Bloomberg Philanthropies but has since relocated to 650 Madison Avenue.
In March 2017, Ruth resigned as CIO and was succeeded by Brad Briner and Andrew Mulderry, who now manage public and private market investments respectively. During Ruth’s leadership, Willett predominantly invested through more than 100 external managers but gradually increased its direct investments and co-investment activities to lower fees and improve performance.
A 2020 disclosure revealed Willett’s involvement in oil and gas investments, including holdings in White Star Petroleum, a fracking company that later filed for bankruptcy protection. Some investments were made through less transparent entities such as "10413 Investment Holdings LLC" and "20213 Investment Holdings." Furthermore, Sycamore Partners secured $136 million from three wealth funds linked to Bloomberg that are managed by Willett Advisors.
External links
- ↑ "Willett Advisors CIO Joins National Board". The Posse Foundation. 2024-03-05.
- ↑ Goldstein, Alexis (June 16, 2021). "25 Richest Americans Pay Few Taxes — Partly Thanks to the "Family Fund" Loophole". Truthout.