After cutting his teeth in Morgan Stanley's real-estate unit and its mergers-and-acquisitions group, Andrew joined Cohen's SAC Capital Advisors - the predecessor to $26.1 billion asset manager Point72 - in 2002. The Wharton graduate began working with hedge-fund billionaire Steve Cohen (no relation) 20 years ago. Cohen, Cohen Private Ventures Principal: Steve Cohen Family Net Worth: $17.4 billion Net-worth estimates are from Forbes' billionaires list as of September 1 after the market close.Īndrew B. Insider presents 10 top money managers for America's richest, including Jeff Bezos and the Walton family. But they are influential investors who control billions in capital that are increasingly being deployed in ways that seek to compete with Silicon Valley and Wall Street. Most of these executives are secretive about their work, sometimes keeping the identity of their employers close to their vests in order to avoid unsolicited pitches and protect families' privacy. Rebecca Carland worked for the Department of Justice in Latin America for five years before going into wealth management and eventually landing at Walton Enterprises, the family office for the Walmart heirs. Len Potter, who runs the investment strategy for the billionaire private-equity founder David Bonderman, was a mergers-and-acquisitions attorney and a merchant banker. Marie Young was an analyst at Goldman Sachs before she joined Sergey Brin's family office, Bayshore Global Management, in 2010, and worked her way up to the C-suite.īut others come from far-flung fields. Like Stein, many of these executives and investment chiefs got their start at Wall Street household names. They are also increasingly hungry to hire dealmakers who can source the best investments and even buy companies outright. But in recent years, many of these firms have developed an appetite for riskier direct investments that compete with private-equity and venture-capital players.
Family offices are known for being conservative investors, prizing wealth preservation above all else. Stein is now a proud member of the elite cohort of money managers who help ultra-wealthy families grow their fortunes under their own roofs, rather than outsourcing the process to a Wall Street firm. Stein is the family's first vice president of investments and portfolio management, and he's spent two years carefully crafting an asset-allocation plan that now has the Ilitch Family Office invested across dozens of funds, from hedge funds like Viking Global to private-equity firms like General Atlantic. When he was first approached for the job five years ago, he did not realize the magnitude of Little Caesars, let alone who the Ilitches were, he told Insider.īut Stein quickly warmed up to the opportunity to build an office from scratch for one of America's richest families. Jordan Stein, a 39-year-old ex-Citi banker, is in charge of investing the family's personal wealth.
In the six decades since, the Detroit family has used the returns from the pizza chain to build an estimated $4.3 billion empire that includes the Detroit Tigers baseball team and the MotorCity Casino Hotel. Marian Ilitch and her late husband, Mike, founded Little Caesars Pizza in 1959.
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