A Morality Tale of ESG: Assessing Socially Responsible Investing
A recent Bessemer study of ESG investing has been featured in the spring 2017 issue of The Journal of Wealth Management .
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The Case for Personal Umbrella Liability Insurance
Director of Insurance Advisory, Gary Pasternack, highlights the value of umbrella liability insurance, how to obtain it, and what it covers, in an article published by Private Asset Management .
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American Banker Honors Bessemer Trust CIO
American Banker has named Chief Investment Officer Rebecca Patterson one of the 25 Most Powerful Women in Finance for the third consecutive year.
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Bessemer Trust Listed on Barron's PENTA Top 40 Wealth Management Firms
In its annual ranking of the top 40 wealth management firms, Barron's PENTA listed Bessemer Trust at #14. Each year the magazine ranks firms in order of their U.S. private-client assets under management for accounts of $5 million and up.
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Bessemer's Case For U.S. Equities
A recent profile in Barron's PENTA features Rebecca Patterson, Chief Investment Officer, discussing our views on U.S. equities and the U.S. capital markets.
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Someone's Missing From Most Family Offices
A recent profile in Investment Advisor highlights Bessemer Trust’s Insurance Advisory expertise and how we manage the insurance needs of our clients.
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Advancing Philanthropy Magazine
Bessemer Trust was featured in the Spring edition of Advancing Philanthropy Magazine. In the article we share our perspective on trends in the field of philanthropic giving.
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Bessemer Trust Recognized as Top National Multi Family Office | Family Wealth Report
Bessemer Trust is pleased to announce that the firm was honored at the 2016 Family Wealth Report Awards Gala for top National Multi-Family Office, and the firm’s Chief Investment Officer, Rebecca Patterson, was recognized as a top Woman in Wealth Management.
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Dow Surpasses 20,000 — Investment Insights
On Wednesday, January 25, the Dow Jones Industrial Average topped 20,000, marking a new all-time high and symbolic milestone. In this Investment Insights, we discuss the current optimism in the equity markets, what we expect from equities going forward, and how Bessemer is positioning client portfolios.
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Inflation Checkpoint — Investment Insights
In this Investment Insights, we analyze current inflation trends and provide our expectations for inflation in the months ahead. We focus in particular on the potential impact of policy change under the Trump administration on prices generally, as well as Bessemer's proprietary index of the inflation experienced by wealthier households.
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Quarterly Investment Perspective — The Sun Also Rises
Chief Investment Officer Rebecca Patterson and Chief Investment Strategist Holly MacDonald explore our economic and investment outlook in the wake of unexpected political outcomes in the U.K. and U.S. in 2016 — providing detailed views on fixed income and equities for the year ahead, and how we are allocating capital.
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The Fed Delivers on Rate Hike — Investment Insights (December 14, 2016)
Head of Fixed Income David Rossmiller discusses the Federal Reserve's policy decision and Chair Janet Yellen's comments following the December 14, 2016, FOMC meeting, our outlook on bonds going forward, and implications for Bessemer investment portfolios.
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China Back in the Crosshairs? — Investment Insights
Investment Strategist Meghan Shue explores China-related risks, including a key milestone for China's global trade relations and heightened currency concerns — and how these forces influence our equity positioning within portfolios.
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Helpful Tips for Year-End Tax Planning and Charitable Giving — Wealth Planning Insights (November 22, 2016)
Director of Tax & Financial Planning Stephen Baxley and Director of Philanthropic Advisory Services Paul Connolly provide an overview of the more likely changes we are expecting to the tax code in 2017 — and some helpful tips for your tax and philanthropic planning as we head into year-end.
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2016 Elections: First Thoughts — Investment Insights (November 9, 2016)
Our investments team examines the results of Tuesday’s presidential and congressional elections.

We consider the potential political, policy, and — most important for us — investment implications, and outline what it all means in terms of our investment strategy and how we manage our clients’ portfolios today and in coming months and quarters.
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Ways to Give — A Closer Look (November 1, 2016)
There are many factors to consider when making charitable donations to support the causes that are most important to you, ranging from which organizations to support and the timing of your gift to the way you make your gift. This A Closer Look is available for clients who may benefit from our perspective.
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Personal Umbrella Liability Policy — A Closer Look
Serious accidents are rare, but they do happen. If they happen to you, and you're found responsible, the consequences can be catastrophic to your wealth and lifestyle if you don’t have sufficient insurance coverage.

Thankfully, obtaining adequate liability coverage is relatively easy and surprisingly inexpensive. Principal and Director of Insurance Advisory Gary J. Pasternack explores umbrella liability insurance — what it covers, how much is needed, what it costs, and how to obtain it. Most important, he discusses how Bessemer Trust can help to evaluate your personal liability exposure and recommend tailored insurance policies designed to optimize asset protection
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A Tale of Two Tails — Quarterly Investment Perspective
Chief Investment Officer Rebecca Patterson explores our economic and investment outlook.

Specifically, she examines “tail risks” — that is, low-probability but potentially high-impact events, both positive and negative — as well as what seems most likely to happen in the economy and markets in coming months and quarters. Perhaps most important, she discusses how Bessemer is using the results of that analysis to help protect client portfolios and position them to take advantage of opportunities as they emerge.
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The IRS Takes Aim at Valuation Discounts — A Closer Look (September 15, 2016)
It could turn out to be the biggest estate-planning event in years.

If finalized in their current form, recently proposed tax regulations could limit or eliminate the ability to use two common valuation discounts. And this could negatively impact estate planning — particularly for high-net-worth families.
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2016 Elections: Five Questions — A Closer Look (September 9, 2016)
With two months to go until Election Day, what policy proposals have been overhyped and what might be underappreciated by the media and markets? What policy shifts could occur that would prove material for client portfolios?
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What We Believe — Investment Insights (August 22, 2016)
At Bessemer, we do not believe we can perfectly time the markets or know exactly when the next recession will occur. However, thoughtful analysis can allow us to make adjustments that appropriately balance risk and return for our clients' portfolios at different points in time. In this Investment Insights, Chief Investment Officer Rebecca Patterson discusses Bessemer's latest incremental increase in defensive holdings as part of our medium-term process to prepare portfolios for the next sustained downturn.
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Proposed Tax-Code Changes Target Valuation Discounts — Wealth Planning Insights (August 4, 2016)
Senior Fiduciary Counsel Mark R. Parthemer explores the Treasury Department’s recently proposed changes to the tax code that seek to limit the use of valuation discounts. He focuses in particular on the potential implications for estate planning, the temporary planning opportunity created by the Treasury Department's review process, and recommendations for Bessemer clients.
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The Latest from Japan — Investment Insights (July 29, 2016)
On July 29, the Bank of Japan announced further monetary easing, this time in the form of greater purchases of equity Exchange-Traded Funds. In this Investment Insights , Chief Investment Strategist Holly MacDonald discusses our views on Japan’s likely next moves in terms of fiscal and monetary stimulus measures.
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Setting the Stage: 2016 Elections — Investment Insights (July 29, 2016)
The first in a series of pieces that will focus on America's 2016 elections, Investment Strategist Meghan Shue and Director of Investment Communications Anna White set the stage for November 8. They explore key issues for voters, what can be gleaned from polls, the inner workings of the Electoral College, the outlook for the Congressional races — and how we are thinking about client portfolios in the context of the election cycle.
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What Inventories May Tell Us About Oil Prices — A Closer Look (July 26, 2016)
Managing Director and Portfolio Manager Preston Stahl and Research Assistant Jeffrey Clausen examine how inventories impact oil prices. While the rise in inventories over the last two years contributed to the precipitous fall in oil prices, their analysis calls for oil inventories to diminish in the next few years, boding positively for prices. A potential risk to this outlook, however, is a global economic slowdown, which could impede demand.
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Inflation Checkpoint - Investment Insights (July 15, 2016)
To better understand inflation, we developed a proprietary price index that provides real-time insight into the inflationary environment experienced by wealthier households. In our latest Investment Insights, we analyze current inflation trends, provide our expectations for inflation in the months ahead, and specifically focus on travel-related inflation, which is pertinent with the summer vacation season underway.
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What Do Collapsing Bond Yields Mean? - Investment Insights (July 7, 2016)
Chief Investment Officer Rebecca Patterson and Chief Investment Strategist Holly MacDonald examine the recent downturn in U.S. and global bond yields. Specifically, they explore factors that are driving down yields, where yields may be headed, and how our investment team is managing through this environment within client portfolios.
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America the Beautiful - Quarterly Investment Perspective (July 1, 2016)
Chief Investment Officer Rebecca Patterson explores our economic and investment outlook and how Bessemer is positioning portfolios as a result.

Specifically, she examines how countries and regions have performed at the ends of economic cycles, considers what could prove different this time around, and makes the case for likely continued U.S. outperformance in a recession or prolonged market downturn. She also discusses current portfolio positioning and how it is likely to change as we see signs that the end of the economic cycle is near.
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Brexit: Reality and Aftermath – Investment Insights (June 24, 2016)
One of the key risks for financial markets has happened: On Thursday, June 23, 2016, U.K. citizens voted to leave the European Union.

In our latest Investment Insights, Chief Investment Officer Rebecca Patterson and Chief Investment Strategist Holly MacDonald explore the immediate and longer-term political, economic, and market ramifications of this historic event, as well as how Bessemer is positioning portfolios as a result.
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Liquidity Alternatives for Family Businesses — A Closer Look (June 21, 2016)
For many family business owners, balancing the capital requirements of the business with the personal wealth objectives of family members is an ongoing challenge. Still, the variety of available liquidity alternatives allows for a thoughtful approach that can meet both company and family goals.
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Countdown to Brexit – Investment Insights (June 17, 2016)
Chief Investment Strategist Holly MacDonald and Large Cap Core Portfolio Manager Alex Lloyd examine the rapidly changing political and market environment in the lead-up to the June 23 Brexit referendum in the United Kingdom.

Specifically, they explore recent polls, which show a growing share of voters favoring an exit; reaffirm a base-case expectation that the U.K. will vote to remain with the EU; and outline how Bessemer portfolios are being positioned as a result.
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Bonds and Late-Cycle Investing — A Closer Look (May 26, 2016)
Our investment team recently announced an asset allocation shift that moves capital into bonds to reduce, but not close, our underweight position versus benchmarks across portfolios.

In this A Closer Look, Rebecca Patterson, Holly MacDonald, and David Rossmiller address the two key developments behind our change in thinking — the overseas interest-rate environment and the U.S. economic cycle outlook — as well as key risks to bonds that we continue to monitor.
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Building Our Defenses — Investment Insights (May 9, 2016)
While our investment team is not anticipating an imminent U.S. recession, we are focused on incrementally reducing risk and positioning portfolios for the end of the economic cycle.

Accordingly, we are adding to our high-quality fixed-income exposure as we consider cyclical factors and critical near-term event risks.
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Making a Difference: A Donor’s Guide to Major Gifts — A Closer Look (April 27, 2016)
Many of our clients make substantial charitable gifts to universities, hospitals, museums, and a range of other types of nonprofit organizations.

This comprehensive publication walks potential donors through the gift-making process — the questions that need to be asked (and answered) and the many steps that need to be taken to make a major gift a valuable and impactful form of philanthropy.
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Recessions & Recoveries — Quarterly Investment Perspective (April 1, 2016)
In this Quarterly Investment Perspective, Chief Investment Officer Rebecca Patterson examines the cycles of recessions and recoveries and why understanding them is critical to successful asset allocation.

She also discusses why the investment team does not foresee a recession this year, but rather late-stage economic expansion, and what that means for Bessemer portfolios.
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Engaging the Next Generation Through Philanthropy — A Closer Look (March 30, 2016)
Among the many concerns wealthy families face is finding a dynamic way to discuss family values and increase the financial acumen of younger generations.

This A Closer Look, by Director of Family Wealth Stewardship Donna Trammell and Philanthropy Advisor Caroline Hodkinson, explores one of the most powerful means of addressing these challenges: family philanthropy.
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Boosting Emerging Markets Exposure to Neutral on Improved Outlook — Investment Insights (March 28, 2016)
In recent weeks, the investment team has taken steps to close an underweight position in emerging markets (EM) and shift to a neutral EM position across asset classes held in a Balanced Growth portfolio.

In this Investment Insights, Chief Investment Strategist Holly MacDonald discusses our outlook for EM and the rationale for this recent shift.
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Coordinated Currency Policy is Back — Investment Insights (March 22, 2016)
During the last several weeks, policymakers from the U.S., Europe, Japan, and China seemed to agree to take each other’s interests in mind when it comes to exchange rates.

In this Investment Insights, Chief Investment Officer Rebecca Patterson discusses why global central banks are becoming more coordinated in their efforts, and what this shift means for investors.
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Will Negative Interest Rates Come to the U.S.? — Investment Insights (March 17, 2016)
With the adoption of negative-interest-rate policies in Europe and Japan, many investors are concerned that the Fed may move its policy rates below zero.

In this Investment Insights, Head of Fixed Income David Rossmiller discusses our view on negative interest rates — the positives and the negatives — and the likelihood of the Fed adopting a negative-interest-rates policy.
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A Briefing on Brexit: Evaluating the Risks of the U.K. Leaving the EU — A Closer Look (March 16, 2016)
The potential for the United Kingdom to exit from the European Union, termed "Brexit," is a risk investors are evaluating this year.

In this A Closer Look, Chief Investment Strategist Holly MacDonald and Large Cap Core Portfolio Manager Alex Lloyd examine the risks of Brexit and discuss the implications for Bessemer portfolios.
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Family Meetings — An Important Strategy for Preserving Wealth — A Closer Look (March 14, 2016)
This A Closer Look discusses how Bessemer can help clients plan, design, and conduct family meetings that help enhance multigenerational planning.
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Thinking About Corrections - Investment Insights (February 28, 2016)
The selloff in equity markets so far this year has been difficult to say the least; however, our base case remains that equities will recover this year. We continue to see reason to expect a positive calendar-year return.

In this Investment Insights, Chief Investment Officer Rebecca Patterson draws comparisons to the volatility experienced in 2011 — at that time it paid to stay the course and ride the wave back up. A combination of tactical asset allocations and a well-diversified portfolio can help us effectively manage through the current volatility.
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Navigating Underfunded Pensions - Investment Insights (February 1, 2016)
The underfunding of municipal pensions accelerated with the 2008 to 2009 financial crisis. Underfunding is likely to be the leading cause of municipal credit downgrades in the coming year.

In this Investment Insights, Municipal Bonds Portfolio Manager Bruce Whiteford discusses some of the pension reforms that have been implemented, and how the investment team evaluates the impact that pensions have on municipal governments.
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Inflation Checkpoint - Investment Insights (January 25, 2016)
In the current market environment, we know that our clients are focused on portfolio returns and equity market volatility — just as we are. Though behind the turmoil, life goes on, and one of the realities of life is inflation. While inflation is modest right now, it is a very important topic because it not only has a material impact on wealth accumulation over time, but is also tangible and personal.

An understanding of inflation as it pertains to our clients has led us to develop a proprietary price index that provides real-time insight into the inflationary environment experienced by our clients. In this Investment Insights, we analyze current inflation trends and compare our adjusted inflation index to the standard Consumer Price Index (CPI), and we provide our expectations for inflation in the months ahead.
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Managed Volatility Equities — Q&A - Investment Insights (January 19, 2016)
Equity market volatility has escalated of late and we expect this trend to continue. As such, we have taken steps to reduce volatility in client portfolios.

In this Investment Insights, Chief Investment Officer Rebecca Patterson discusses why we believe an allocation to an equity portfolio with a lower volatility strategy is an important first step to reducing overall risk.
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Tax Extender Legislation — A Positive Step on the PATH to Tax Reform? - A Closer Look (January 8, 2016)
Recent legislative changes have made permanent certain provisions in the tax code that previously were extended by Congress each year before the annual holiday break.

In this A Closer Look, Stephen Baxley, Managing Director and Director of Tax and Financial Planning, discusses key provisions of the recently enacted PATH Act, its implications for higher-income taxpayers, and how it may also have the effect of removing a major speed bump on the road to comprehensive tax reform.
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Happy New Year? - Investment Insights (January 7, 2016)
Global equities have started 2016 on a decidedly dour note, dragged by a myriad of fears related mainly to oil, China and geopolitics.

In this Investment Insights, Chief Investment Officer Rebecca Patterson discusses how our global economic views have not changed; we remain constructive on developed economies and believe China will successfully manage its growth slowdown this year. However, our view on oil has changed somewhat and we now see more near-term downside risk. We increasingly expect that pockets of volatility will be a reoccurring theme – with that in mind, we are exploring how we may fine-tune asset allocation appropriately.
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Social Security — How to Maximize Your Benefit - A Closer Look (December 28, 2015)
The decision about when to file for Social Security retirement benefits can be complex. Recently enacted legislation places new restrictions on popular Social Security planning strategies beginning April 30, 2016.

In this A Closer Look, Mike Rubin, Managing Director and Director of Client Tax Services, examines the costs and benefits of choosing to elect or delay Social Security benefits as well as strategies to maximize the benefit amount.
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Oil and Gas Advisory Team Leaves No Stone Unturned - A Closer Look (December 21, 2015)
A typical oil and gas mineral rights portfolio may consist of numerous holdings in various counties across multiple states, making it challenging for mineral rights owners to ensure that revenues from production are being fully captured. To do so, we use our industry expertise to identify and recover past and present revenue to which our clients may be entitled from their mineral rights holdings.

In this A Closer Look, Dave Parker, Bessemer's Head of Oil and Gas Advisory, discusses how our team determines whether clients' mineral rights have been tapped and the necessary steps we take to bring our clients into the payment stream.
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At Long Last — Fed Liftoff - Investment Insights (December 16, 2015)
After more than eight years with an unchanging interest rate stance, the U.S. Federal Reserve raised its policy rates at the December 16 Federal Open Market Committee (FOMC) meeting. Market participants widely expected this move and market reaction was positive.

In this Investment Insights, David Rossmiller, Bessemer’s Head of Fixed Income, discusses how the decision does not alter our view that the Fed’s slow expected path of future hikes will ensure a negligible impact on economic growth and that our conviction behind Bessemer’s overweight-equity, underweight-bond asset allocation remains fully intact.
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What Will Emerge in 2016 -Quarterly Investment Perspective (December 15, 2015)
I am pleased to attach Bessemer Trust's latest Quarterly Investment Perspective, a publication that brings clients timely information about our investment outlook and current strategies. I also hope you will enjoy the video, in which Chief Investment Officer Rebecca Patterson provides a brief summary of our outlook for 2016 through an emerging markets lens.
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U.S. Election Season What to Expect in 2016 - Investment Insights (November 30, 2015)
The 2016 U.S. presidential election campaign is in full swing. In this Investment Insights, we explore what makes the 2016 election unusual and where to focus as the economy, financial markets, and politics intersect.
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Helpful Hints for Year-End Charitable Giving - Wealth Planning Insights (November 19, 2015)
As a charitably minded individual, you may give throughout a calendar year. However, you may also choose to structure gifts at year end to capture potential tax deductions.

In this Wealth Planning Insights, Bessemer Trust's Paul Connolly, Director of Philanthropic Advisory Services and Stephen Baxley, Director of Tax and Financial Planning, review items to consider for year-end charitable giving. Their discussion includes deadlines to give, select tax implications, how to track and account for donations, and the services that Bessemer's Tax and Philanthropic Advisors can provide to help you maximize the tax value of your charitable gifts.
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Will the Buck Stop Here? - Investment Insights (November 18, 2015)
The U.S. dollar has appreciated in recent days on the heels of expectations for imminent central bank divergences. We believe that the dollar's likely path from here is still higher, but that the pace of this appreciation will be much slower than in recent years.

In this Investment Insights, Bessemer's Chief Investment Officer Rebecca Patterson discusses why, even with the recent rise, we see the U.S. dollar appreciating further in 2016, albeit at a much slower pace. As such, we have positioned our portfolios to be overweight the dollar relative to benchmark via our choice of securities as well as outright currency positions. Moreover, we expect to hold that tilt into 2016.
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The Value of a Year-End Tax Physical - A Closer Look (November 12, 2015)
A tax-planning window of opportunity exists as we prepare for each year end. In this A Closer Look, Stephen Baxley, Bessemer's Director of Tax and Financial Planning, examines the benefits of an annual tax physical. An annual tax physical is a proprietary, comprehensive analysis of our clients' previous tax returns that helps us uncover tax-saving opportunities for the year ahead.
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China's Growing Pains - Quarterly Investment Perspective (October 1, 2015)
In this Quarterly Investment Perspective, Chief Investment Officer Rebecca Patterson explores why China's capital account opening and financial market liberalization are important longer-term positives – but short-term sources of investor anxiety.

While fears about a Chinese growth collapse are overdone, in our view, we believe that understanding China's plans for liberalization and growth are key to making careful asset allocations across sectors and geographies.
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Coal-Mine Canaries - Investment Insights
(September 29, 2015)

The global equity market selloff on Monday, September 28th reflected fragile market sentiment. We believe that a confluence of one-off corporate issues related to low global commodity prices, the potential for greater regulatory control of U.S. prescription drugs, and investor concerns about corporate governance created uncertainty.

In this Investment Insights, Chief Investment Officer Rebecca Patterson explores why we believe that financial-market distress has not yet weighed on economic activity. Without signs of such a spillover, our bias is to hold exposures steady during the current turmoil and to look for bottom-up opportunities within portfolios.
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Investing in Global Equities - A Closer Look
(September 25, 2015)

Several considerations factor into our investment approach and analysis, including each region’s macro environment, equity market valuations, potential valuation catalysts, and currency movements. Comprehensive macroeconomic analysis enables us to take a view of the world and make informed decisions about where investment opportunities exist and where the return potential is more favorable than our estimate of risk.

In this A Closer Look, Joseph Tanious, Bessemer Trust Investment Strategist, explores how we use macroeconomic analysis to develop our asset allocation decisions. Our objective is to help clients better understand the framework we use when making tactical, regional tilts within global equities.
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The Fed Who Cried Wolf - Investment Insights (September 17, 2015)
September’s long-anticipated Fed decision about whether to raise interest rates was anticlimactic as policy rates were left unchanged. While many market participants have voiced desire to see the Fed raise rates, the result, no change, was widely expected.

In this Investment Insights, Bessemer Trust’s Head of Fixed Income, David Rossmiller, discusses why the Fed’s decision does not change our outlook or approach to portfolio strategy. Whether the Fed decides to raise rates in six weeks or six months, the expected, slow path of future rate hikes will likely ensure little tangible effects on economic growth. As a result, our conviction behind our overweight-equity, underweight-bond asset allocation remains fully intact.
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Consumer-Confident Investing - A Closer Look (September 17, 2015)
Consumers are an increasingly powerful force in global economies. As such, established and growing consumer markets represent opportunities for companies to expand across borders. However, corporate management teams must be careful in their assessments about the potential rewards of international expansion. The difference between getting it right and getting it wrong can materially impact shareholder value.

In this A Closer Look, Alex Lloyd, Bessemer Trust’s Large Cap Core Portfolio Manager, explores three case studies reflecting successful and unsuccessful forays into foreign markets. As investors, we apply lessons learned from such cases and aim to position portfolios in a manner that capitalizes on smart strategies to capture growth.
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Market Volatility—What to Do Now - Market Update (September 11, 2015)
Recent market volatility feels especially uncomfortable as volatility has been fairly absent in equity markets in the last few years. While some investors may be tempted to exit the markets in favor of owning cash, that approach has difficulties.

In this Market Update, Patrick Boyle, Bessemer Trust Investment Strategist, discusses why we believe that selling stocks indiscriminately and going to cash will not benefit investors. Market conditions can and do change, but unless we see the recent volatility spill over and start to influence economic growth in the developed world, we remain optimistic about equities globally.
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Fact-Checking Currencies - Market Update
(September 8, 2015)

Recently, the financial news has focused on currency markets, with investors worried equally about spillover from Chinese renminbi weakness and U.S. dollar strength. As investors, we know that the currency trends can impact our portfolio returns as much as equities, bonds, or commodities.

In this Market Update, Chief Investment Officer Rebecca Patterson, fact-checks some perceptions about currency markets within the context of understanding currency drivers and implications for other asset classes.
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