Koch Industries, Inc. is an American multinational corporation based in Wichita, Kansas, with subsidiaries involved in manufacturing, trading, and investments. It was founded as Wood River Oil and Refining Company in 1940 by Fred C. Koch. Koch companies are involved in industries such as the manufacturing, refining, and distribution of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizers, pulp and paper, chemical technology equipment, ranching, finance, commodities trading, and other ventures and investments. The firm employs about 60,000 people in the United States and another 40,000 in 59 other countries. Second generation Charles and David H. Koch each own 42% of Koch Industries and are both actively involved in operations.
In an effort to manage their family wealth, the brothers initially started an embedded family office in the treasury division of Koch Industries. Recently they have started a single family office named as 1888 Management LLC to manage part of their personal wealth. The brothers are worth about $100 billion combined, according to the Bloomberg Billionaires Index. As per estimates 1888 is currently managing more than $2 billion. The family office is registered to do business in California, Florida and Kansas.
Trent May, 52, who joined the Kochs in 2011 from the Wyoming Retirement System, is the chief investment officer at 1888. Previously, he ran his own hedge fund, Deer Creek Capital Partners in Colorado. The family office’s headquarters are in Kansas, where the Kochs are based, though May works out of the Denver area. Seven people serve on 1888’s board, including three Koch Industries executives (controller Richard Dinkel, CFO Steven Feilmeier and treasurer David May) and family members David Koch, Anna Koch and Elizabeth Koch.
Source: Bloomberg, March 15, 2016
