Expansion spurs restructuring to allow for more "big picture" strategizing. Bessemer Trust has made a series of management changes in a bid to meet "the increasingly complex wealth needs of clients and the firm's continued growth." Chief among these changes is the elevation of the multifamily office's western U.S. region chief George Wilcox as head of client service and sales. This and other changes free senior managing director Robert Elliot to oversee strategic initiatives including and planning for geographic expansion.

Having grown its relationship count by 11% over the past two years -- while increasing its assets under supervision by 16% in a period that has seen the Wilshire 5000, a broad measure of U.S.-stock performance, fall by about 40% -- Bessemer has taken action " to ensure that the client experience at Bessemer continues to be of the highest order and that we remain well-positioned to pursue the principles and practices that drive our success," according to firm's CEO John Hilton Jr..

All regions

Wilcox, who has been with Bessemer for nearly 11 years, now oversees all client account management and new business activities, works with the firm's region heads to make the most of business opportunities, and collaborates with Elliot on strategy. All region heads now report to Wilcox.

"The experience, quality and depth represented by Rob Elliott, George Wilcox and our regional leadership should ensure the continuation of Bessemer's unparalleled client service capabilities and our future growth," says Hilton.

Los Angeles-based Mark Lipson, who joined Bessemer in 2007, replaces Wilcox as Bessemer's western U.S. chief. Jeff Glowacki, who joined Bessemer in 2005, takes Lipson's place as senior resident officer of the Los Angeles office.

Eric Gies

David McNeel, who has led Bessemer's Chicago office since 2000, takes charge of the firm's newly established central U.S. region, consisting of its Chicago and Dallas offices. Those offices used to report to Elliot in his former capacity as head of Bessemer's northeastern U.S. region.

To free Elliot to oversee Bessemer's strategic initiatives and geographic expansion, including opportunities related to the firm's non-exclusive relationship with London-based multifamily office Stanhope Capital in Europe, Bessemer has hired Eric Gies, former head of Neuberger Berman's wealth-management unit, to take charge of business development in the multifamily office's northeastern region, a new position.

Gies will co-lead Bessemer's northeast region -- which has been expanded to include the firm's Washington, D.C., office as well as New York and Boston -- with Steve Watson, a 28-year veteran of the firm who will focus on client-account management.

For now anyway, it's status quo for Bessemer's office heads in Florida and Georgia.

New York-based Bessemer oversees about $50 billion for roughly 2,000 ultra-wealthy individuals, families and associated institutions. The 102-year-old firm is owned by the descendents of its founder, U.S. industrialist and philanthropist Henry Phipps, and the its senior managers. -FWR

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