Our 100-year history gives us a unique perspective on preserving family wealth and values across generations.
Our Founding. In 1907, Henry Phipps formed Bessemer Trust as his family office to manage the proceeds from the sale of Carnegie Steel, which he founded with Andrew Carnegie. The name "Bessemer" is a tribute to Sir Henry Bessemer, the inventor of the revolutionary steel making process that was instrumental in the success of Carnegie Steel.
The Vision. In 1911, Mr. Phipps wrote a letter to each of his five children expressing his wish to pass the family business on to them. In it, he gave specific direction about the management of the family business and its core principles of private ownership and reinvestment of earnings:
“It is my desire that neither the stock nor the bonds of the Company shall pass out of my family... I advise that you approve action... declaring no dividend on the stock for at least ten years.”
Read Henry Phipps' letter to his children
Faithful Stewards. Those core principles are the foundation of an enduring family institution. Bessemer Trust has served six generations of the Phipps family and will continue to serve future generations to come.
Comprehensive Services. In 1974, the Phipps family invited other like-minded families to use our family office capabilities. This allowed us to maintain the critical mass required to attract the best investment and wealth management professionals and to offer a comprehensive array of services.