Rockefeller Capital intends to double AUM in US. Credit: shameersrk from Pixabay.

Rockefeller Capital Management plans to increase its assets under management (AUM) in the US by two-fold to nearly $200bn in the next three to five years, reported Reuters.

The move builds on the company’s plan to beef up its presence in the US and employ additional wealth managers, stated the firm’s CEO Gregory Fleming in an interview to the publication.

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Currently, Rockefeller has offices in 40 locations across the US and has more than $90bn in AUM. In 2018, the firm operated three branches and had $18bn AUM.

Fleming was quoted by Reuters as saying: “We’re looking to have a physical presence in most of the major wealth centres in the US.”

Currently, Rockefeller has nearly 250 private wealth advisers. The company seeks to increase the number to 400-500 within a period of three to five years.

Rockefeller has recently filled a number of senior positions to drive its growth. Last week, ex-president of Morgan Stanley, Eric Heaton, joined the company to advise its CEO on various approaches and growth strategies.

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In July this year, Rockefeller appointed Rose Lee, who was earlier associated with Credit Suisse, as head of investment solutions.

According to Fleming, the company will focus on its wealth management initiatives in the US, where it has offices in most of the metropolitan cities.

As part of the proposed expansion in the US, Rockefeller intends to open a branch in Orlando, Florida and strengthen its footprint in Charlotte, North Carolina, Austin, Texas and Nashville, Tennessee.

Regarding markets, the company has warned its customers to remain vigilant until early next year. The clients should give special attention if the Federal Reserve increases interest rates more aggressively than the currently forecasted rates.

In January this year, Rockefeller announced the purchase of wealth management business of Spearhead Capital, a Florida-based boutique financial services firm. The deal was aimed at bolstering the firm’s wealth management business.