In 1907, Henry Phipps formed Bessemer Trust as his family office to manage the proceeds from the sale of Carnegie Steel, which he founded with Andrew Carnegie. The name "Bessemer" is a tribute to Sir Henry Bessemer, the inventor of the revolutionary steel making process that was instrumental in the success of Carnegie Steel. Today, approximately 1,900 families have trusted the firm with assets in excess of $50 billion. Its private ownership structure enables the firm to align the interests of its owners, clients, and employees. Each client, whether a Phipps descendent or not, is given the same personalized care, investment options, and expert counsel.