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.