JM Huber Corp, one of the largest family-owned businesses in the US, has announced it is to phase-out its Shelterwood multifamily office operation. As part of the move, which is to become effective over the next few months, a team of Shelterwood executives will join Pitcairn, another multifamily office.
JM Huber, which began as a printing ink business in 1883 and now employs over 4,000 people in 20 countries, said it plans to focus on its core businesses. The $2 billion company is still controlled by the third, fourth and fifth generations of the Huber family, including Joe Huber, vice president of Mergers and Acquisitions.
Shelterwood was founded in 2004 to provide services to multi-generational families who have been or are affiliated with an operating business. CEO William E Rankin and CIO Alanson B Houghton III will join Pitcairn on 1 February 2010, enabling Pitcairn to expand its office presence into New York City.
"This is a strong, strategic fit," said Dirk Jungé, chairman and chief executive officer of Pitcairn, in announcing the move. "We are very excited by the opportunity to bring Bill and Alan onboard.
According to Rankin, who will join Pitcairn's senior leadership, "Our philosophical and cultural core perfectly aligns with Pitcairn."
Click here to read William E Rankins column "The boutique multifamily office: the best wealth management structure"
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