US's Forbes Family Trust, LGL Partners Form Strategic Alliance

Harriet Davies

8 January 2013

Two US private family offices with their roots in ultra-wealthy business owning families have formed a strategic alliance which involves sharing a chief executive and chief investment officer.

Forbes Family Trust and LGL Partners will work together under a long-term strategic advisory and investment relationship. LGL CEO P Scott Gregorchuk and CIO William Luterman will join Forbes Family Trust in the same roles. They will work with Keith Bloomfield, the president of Forbes Family Trust, in managing all aspects of the business.

LGL traces its origins to the Lenfest family and was the result of the sale of a family business to a public company in a multi-billion dollar transaction led by Brook J Lenfest. Brook J Lenfest went on to set up a private office, Brooks Capital Group, to manage financial, philanthropic and personal affairs. This led to the development of LGL Partners to work with other wealthy and like-minded families.

H F Gerry Lenfest founded the original business, Lenfest Communications, around four decades ago.

Luterman is the president, CIO and a co-founding partner of LGL Partners. Since 2000 he has also served as the CIO for Brooks Capital Group and as the CIO for The Brook J Lenfest Foundation.

Gregorchuk is a co-founding partner of LGL, before which he was a managing director at JP Morgan Private Bank.

Forbes Family Trust was formed in 2009 by the Forbes family, founders of the eponymous magazine, to offer wealth management to ultra-wealthy clients.

“We are extremely pleased that our partnership with LGL will allow Forbes Family Trust to create a better global wealth management solution for high net worth families and individuals,” said Miguel Forbes, vice chairman of FFT.

“The addition of Mr Gregorchuk and Mr Luterman to the team at Forbes Family Trust greatly enhances our resources and capabilities to continue our mission,” said Bloomfield.