Multi-family office manager predicts China setback by foreign banks

An executive at independent wealth manager Rockefeller Capital Management reportedly said geopolitical challenges and the pandemic in China will impact the expansion trajectory of foreign financial firms.

“There will be a lot more caution in terms of the level of capital investment and the aggressiveness of the growth strategy,” said Greg Flemingdirector of Rockefeller Capital Management, in a recent interview with “Bloomberg”.

According to Fleming, the change in strategy is driven by growing geopolitical tensions as well as the country’s strict Covid-related restrictions.

Extension of the house

Instead, Fleming thinks China’s retreat will boost the U.S. economy in areas like manufacturing high-tech parts like semiconductors.

“All the major financial companies in the United States were trying to establish a presence in those markets and now you have a pullback in the domestic markets, both financially and commercially,” he said, qualifying the departure china withdrawal. a trend he has seen for much of his career.

Rockefeller Capital Management was established in 2018 following an acquisition by hedge fund Viking Global Investors of Rockefeller & Co – the Rockefellers’ single family office since 1882 that transformed into a multi-family office in 1979. In late March, the New York-based firm oversaw $95 billion in client assets across its three business segments.