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The growth of the ultra-rich is not just something happening in the U.S. It's a global megatrend, especially in light of the commodities boom in developing nations.
The trend is a big opportunity for wealth managers, such as Rockefeller Financial Services (RFS). In fact, according to a piece in Reuters, the firm has struck an alliance with Societe Generale (SocGen). To this end, SocGen has purchased a 37% stake in RFS (the dollar amount was not disclosed).
SocGen, which has a wealth management division, is no slouch in helping the ultra-rich. But with the strong growth rates and premium fees, why not expand the platform?
As for RFS, it has roughly $29 billion in assets. Oh, and to qualify as an ultra-rich person (and become a client of RFS), you'll need to show that you're worth at least $30 million. There are about 40,000 of them in the US.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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