Bessemer Trust is a wealth management

Wealth management

Wealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...

 and investment

Investment

Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...

 advisory firm established in 1907 by Henry Phipps

Henry Phipps

Henry Phipps, Jr. was an American entrepreneur and major philanthropist.-Biography:He was the son of an English shoemaker who emigrated in the early part of the 19th century to Philadelphia, Pennsylvania before settling in Pittsburgh. When a child, he was a friend and neighbor to Andrew Carnegie...

, a partner of Andrew Carnegie

Andrew Carnegie

Andrew Carnegie was a Scottish-American industrialist, businessman, and entrepreneur who led the enormous expansion of the American steel industry in the late 19th century...

 in the Carnegie Steel Company

Carnegie Steel Company

Carnegie Steel Company was a steel producing company created by Andrew Carnegie to manage business at his steel mills in the Pittsburgh, Pennsylvania area in the late 19th century.-Creation:...

. From 1907 to 1974 the private company managed the substantial assets of the Phipps family

Phipps family

The Henry Phipps family of the United States was founded by Henry Phipps, Jr., the son of an English shoemaker who emigrated in the early part of the 19th century to Philadelphia, Pennsylvania before settling in Pittsburgh. When a child, Henry Phipps was a friend and neighbor to Andrew Carnegie...

 and was headed by a family member. It has been ranked by FundFire as the number one private wealth management firm in the United States

In 1974, Bessemer Trust Company's developed expertise allowed it to take on other clients through the creation of a national bank headquartered in New York City

New York City

New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

. In 1985, the business expanded to the Cayman Islands

Cayman Islands

The Cayman Islands is a British Overseas Territory and overseas territory of the European Union located in the western Caribbean Sea. The territory comprises the three islands of Grand Cayman, Cayman Brac, and Little Cayman, located south of Cuba and northwest of Jamaica...

 and the following year opened an office in London

London

London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...

, England

England

England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...

. In the mid 1990s, Bessemer Trust opened California

California

California is a state located on the West Coast of the United States. It is by far the most populous U.S. state, and the third-largest by land area...

 branch offices in Los Angeles

Los Ángeles

Los Ángeles is the capital of the province of Biobío, in the commune of the same name, in Region VIII , in the center-south of Chile. It is located between the Laja and Biobío rivers. The population is 123,445 inhabitants...

 and San Francisco then in 2001 in Dallas, Texas

Texas

Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...

.

The current Chairman of the Board of Directors

Board of directors

A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...

 of Bessemer Trust is the great grandson of Henry Phipps, Stuart S. Janney, III, who succeeded Ogden Mills Phipps

Ogden Mills Phipps

Ogden Mills "Dinny" Phipps is a retired American financier and prominent Thoroughbred racehorse industry executive and a Thoroughbred owner/breeder...

 in 1994.

Lindsay Goldberg & Bessemer

In 2001, Bessemer Trust entered into a partnership with Morgan Stanley

Morgan Stanley

Morgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....

's Alan Goldberg to form Lindsay Goldberg & Bessemer, a middle market private equity firm. Prior to the founding of LGB, Bessemer Trust's Robert Lindsay was responsible for making private equity investments.