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NYC Stock Traders that Started Investment Firms

Posted on Sep 28, 2015

Those who are doing the most business on Wall Street, in trading and funds management are the famous hedge fund managers who have become super rich by managing the wealth of others. This scenario is repeating itself more and more often in the big Apple which has also created another phenomenon and that is the family office.

These are not a new development on Wall Street, however, the frequency of the opening up of a ‘family office,’ is becoming unusually high. What is a family office? These business entities first were created during the era of John D. Rockefeller, or the Industrial Revolution. Between 1855 and 1937, the year of his passing he amassed fabulous wealth as an oil tycoon. His family office handled his philanthropic output such as the Rockefeller Foundation, the General Education Board, the Laura Spelman Rockefeller Memorial and the Rockefeller Institute for Medical Research to name a few.

Today the family offices that are rapidly setting up shop are usually sandwiched in a hedge fund office such as those of Herb Allen or Bill Ackerman, a hedge fund billionaire who became enriched managing other people’s wealth. Within the Ackerman Pershing Square Capital Management, his hedge fund office, is Table Management, which is his family office. Table is designated for his personal wealth management and finances. He manages that division while he heads up the Pershing office.

Other big moguls in hedge funder’s row, in New York City are Eric Mindich’s and Dan Och’s single family offices. These are each hedge fund billionaires that manage separate hedge fund offices and within these areas are the family offices to manage their own wealth and the wealth of their family members.