Headquartered in New York City, the privately-owned The Bessemer Group Inc. caters to wealthy families for which it administers more than $5 billion in assets. It was founded in 1907 by steel magnate Henry Phipps as his family office to manage the proceeds from the sale of Carnegie Steel, which he founded with Andrew Carnegie. In 1974, Bessemer opened its services to other wealthy families.
Its main subsidiaries are Bessemer Trust Co. and Bessemer Investor Services Inc. Bessemer administers portfolios in a variety of investments including, equities, fixed income, hedge funds, real estate and private equity. It also offers trust, tax and estate planning, philanthropic advisory and tax strategies. The minimum investment for clients is $10 million. The average client size is $25.8 million.
Outside of New York, Bessemer has 13 regional offices. Its newest office opened in Denver in April of this year. It also has locations in London and the Cayman Islands.