In his new position Mr Wolfe will spearhead asset allocation investment strategies across all asset classes, and will also lead the development and integration of the firm’s external manager offerings into its client portfolios, Rockefeller said in a statement.

Mr Wolfe was latterly managing director and chief investment officer at Merrill Lynch’s private banking and investment group, a role in which he oversaw investment strategy, asset allocation and customized portfolio construction for ultra high net worth clients. Prior to this he was a portfolio manager and partner at Connecticut-based Dover Management.

Mr Wolfe reports directly to Austin Shapard, Rockefeller’s president and chief operating officer.

Mr Shapard was himself given responsibility for the day-to-day leadership of Rockefeller and Co on an interim basis in September following the death of chief executive Jim McDonald. Mr McDonald, who had been with Rockefeller since 2001, sadly died in an apparent suicide in Dartmouth, Massachusetts.