One of North America’s most significant single family offices.
Following the sale of 49% of the Smith-Hemingway family’s interest in its operating business, Carrix Inc, in 2007, Progeny 3 was formed as a single family office. Its goal is to provide active management, administrative infrastructure, and services for collective family planning and individual family members.
Its long-term mission is to create significant value for the family in overseeing its operating company and serving the needs of multiple generations, as they define those needs.
Progeny 3 currently serves three generations of the Smith-Hemingway family, comprising 12 households.
“In today’s global marketplace, families are increasingly looking for access to global investment solutions. Working together, Wigmore enables the pooling of resources and thereby promotes shared learning experiences on key issues that confront us – for example, due diligence and idea generation”
CEO, Progeny 3
Under the guidance of Frederick Smith and Jon Hemingway, Carrix has become the world’s largest independent, privately-held marine terminal operator, with activities at more than 250 terminal facilities and rail operations throughout geographies in the U.S., Canada, Mexico, Central America, South America, Asia, New Zealand and South Africa.
In 2007, Jon broadened the company’s ownership base by recruiting and adding a group of institutional investors consisting primarily of pension funds, led by Goldman Sachs Infrastructure Partners, the world’s largest infrastructure fund at that time.
Following the sale of 49% of the the Smith-Hemingway family’s interest, Jon continued in his position as Chairman of Carrix as well as taking the role of CEO at Progeny 3.
Progeny 3 attracts and retains the best talent from across the investment management landscape to address the multi-generational wealth needs of the Smith-Hemingway family members we serve.
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