1888 Management LLC has been opened by David and Charles Koch, a small firm that has recently separated from Koch Industries Inc. that has been managing a portion of their personal wealth and investments.
Charles and David’s $100 billion dollar fortune is directly tied to their grandfather Harry Koch, a Texan newspaper publisher who undoubtedly held his grandchildren’s penchant for libertarian politics. 1888 was named in honor of Harry.
Though the number of actual dollars managed by 1888 hasn’t been officially disclosed, those close with the family office estimate $2 billion is being used to be incorporated in Delaware, Florida, Kansas and California.
How the money will be spent might have something to do with the man running the office. Trent May, formerly from Wyoming Retirement System, based in one of the most socially and politically conservative states in the country, is running the family office. He’s best known for allocating millions of dollars to Moore Capital Management and Bridgewater Associates, meaning that May is a comfortable ideological and business fit for 1888.
However, 1888’s board has seven managers, three of which are executives of Koch Industries, which include people who have helped Charles fund his political causes in the past and during this presidential race.
Though 1888 has kept its hiring relatively small, uniting the family office into a tight circle, the inclusion of May definitely puts money on the agenda, particularly in organizing key investments. But with the inclusion of persons invested in political causes, many wonder if Charles ambitions are more than financial.
Forbes has listed Charles Koch as one of the World’s Most Powerful People, and is arguably the most politically invested billionaire in the United States. Charles has often been outspoken about his support for libertarian causes and politicians. A forum that he hosts annually has had noted conservative speakers like Kentucky Senator Rand Paul and New Jersey Governor Chris Christie.
Charles has directed his political leanings through Koch Industries, run by himself and his brother David for nearly 50 years.