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The Phipps dynasty

By Laurie Bennett

June 23, 2014 at 10:56am

Bessemer Trust promises ultra-wealthy clients it will help manage money “so that it has a positive impact on your life and the lives of generations to come.”

As the Muckety map below shows, Bessemer stakeholders cleave to their mission.

Bessemer was founded by Henry Phipps in 1907, with the fortune he made in Carnegie Steel.

Henry Phipps
Henry Phipps

Begun as a vehicle for Phipps family investments, the firm opened up to other families 40 years ago. (The minimum investment is $10 million; the average is $43 million.) It now manages more than $96 billion in assets.

Phipps’s descendants have maintained control of the company for four generations, with Stuart S. Janney III, his great-grandson, currently serving as chairman.

Family members also continue to hold prominence in civic affairs. Phipps’s grandson, Raymond R. Guest, was U.S. ambassador to Ireland.

His granddaughter, Anne Sidamon-Eristoff, is a trustee of the American Museum of Natural History. Her son, Andrew Sidamon-Eristoff, is New Jersey state treasurer and a former New York City councilman.

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