Elliott will remain active in the firm as a senior advisor, according to Reuters, which first reported the news. A single successor will not be named.

Well known in the wealth management industry, Elliott joined Bessemer in 1975, shortly after the Phipps family opened its family office to other wealthy families.

Henry Phipps, Andrew Carnegie’s business partner, founded the firm in 1907. 

Over the last 35 years Elliot grew Bessemer from a $1 billion single family office to an MFO with $61.5 billion in assets under supervision and 2,000 clients.

"That $62 billion always amazes me: when I got here, it was just the Phipps," Elliott told Reuters in an interview. "We like our size. Sometimes we say to ourselves that some people are going to start thinking of us as 'large', until they hear we have 700 people here."

In 2010 Bessemer added 119 new clients with $3.2 billion in new assets, as well as $1.7 billion of money from existing customers.

“One of our initiatives is to ramp up new client growth from four or five per cent per year to six or seven per cent,” Elliott told Family Wealth Report in an exclusive interview last year.