Rockit Solutions is about to trade the Rock for the Lock.
Rockit, which was rebranded from Integrated Wealth Services L.L.C. recently, is moving to Stamford ”“ Lock City ”“ this summer from Rockefeller Center in Manhattan.
RockIt, a wholly-owned subsidiary of Rockefeller and Company Inc., will occupy floors at 333 Ludlow St. in Stamford Harbor Park with more than 100 employees.
The company provides wealth data aggregation, reconciliation and reporting solutions for family offices, very rich individuals and financial institutions.
The Rockit name was formerly the name of the technology used in the data solutions of the company, which became a separate company from Rockefeller and Company Inc. in 2005.
“There”™s a couple of reasons for our rebranding,” said Roy C. King, CEO and president. “It actually should help to depict and leverage us as who we are. The strength of the Rockefeller and Company Inc. brand and the 125-year heritage of the Rockefeller family office meet the unique needs of the ultrahigh-net-worth market. Clients actually refer to us as the ”˜rocket-people.”™”
Recently, The Family Wealth Alliance released a multifamily office study reporting a 20 percent increase in the number of firms that are serving the ultrarich market in 2006 from the previous year.
“This study further reinforces the industry’s increasing demand for a sophisticated wealth management solution like Rockit to serve this fast-growing ultrahigh-net-worth market segment,” said Michael J. Collins, chief marketing officer of Rockit.
Rockit is currently headquartered at 30 Rockefeller Plaza in New York City.
“I think it”™s a great fit,” said King of the Stamford move. “This is not a situation that”™s a turnaround; there is a progressive evolving nature to it. Stamford will help us leverage the capacity in the marketplace. We have a very well-defined vision with a set of new functions and features. We”™re certainly not going to rest on our laurels and good name. We have a great foundation from which to grow.”
According to King, a Fairfield resident who has been with the company for less than a year, about 85 percent of the staff will redirect their commutes to Stamford, a larger number than he had expected.
“I”™ve spent my career in tech and operations, and helping companies become more successful with my interaction with them,” said King. “With my time here, we”™ve gained some new and different clients.” He cited the Rockit management team as “very dedicated to our clients.”
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According to King, the decision was made to move largely because of the coupled real estate prices with the amount of financial market talent that is concentrated in Stamford and Greenwich.
“The decision to move this business was not easy,” said King. “We needed to be sure we”™re making the right decision not only for Rockit, but for the clients who support Rockefeller. We”™re able to improve the quality of our office location and reduce the cost to run the operation. In Stamford we don”™t have to pay $185 per square foot like in New York to have a facility. We”™ve put a lot of rigor into being able to determine if Stamford”™s a good fit.”
According to King, Rockit will be in place in its new Stamford location by Aug. 1 and will soon be designing a platform that has global capabilities and addressing the international market.
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