Account Management

Account Management

Account Management LLC was established to steward the wealth created by Leon Hess, who founded the Hess Corporation from a single fuel-oil delivery truck in 1933 and built it into one of the world’s largest integrated energy companies. The family’s liquidity event arrived in 2014, when Marathon Petroleum acquired the Hess retail network for $5.3 billion, converting a legacy operating business into a massive pool of investment capital. Leon Hess’s son, John B. Hess, has been the public face of the family as CEO of Hess Corporation until its 2024 acquisition by Chevron for $53 billion, but the investment office operates with a deliberately low profile under a separate set of officers whose names are not publicly disclosed. The firm deploys capital through a multi-asset-class framework that emphasizes external manager selection over direct deals. Its primary exposures run through long-only public equities, hedge fund allocations, and private equity fund commitments, with a secondary focus on private credit and opportunistic real estate. The office is known to invest alongside a small circle of peer family offices and institutional allocators, typically through fund-of-one structures or select commingled vehicles. Public filings and transaction records show the Hess family has maintained significant interests in energy-adjacent real estate, including undeveloped land and logistics assets in the Bakken region and along the Gulf Coast. The geographic focus is North America, but fund commitments reach managers with global mandates, particularly in Europe and Asia. The Hess family trust structures, which Account Management services, also fund a significant philanthropic operation. The Leon Hess Foundation and Hess Philanthropic Fund have deployed hundreds of millions into healthcare, education, and Jewish community organizations in New York and nationally. The investment office and the foundation maintain strict operational separation, with distinct governance boards and no commingling of staff. The late 2023 announcement of the Chevron-Hess merger and the October 2024 closing—which delivered roughly $5 billion in Chevron stock to the Hess family—represents the most recent structural liquidity event reshaping the office’s investable base. What most distinguishes Account Management from other energy-heritage family offices is its architecture of extreme privacy layered on a near-institutional scale. The firm does not maintain a website, its leadership does not speak at industry conferences, and it has never solicited outside capital. This posture makes it a permanent- capital allocator that GPs court without ever seeing a public-facing organizational chart—an unusual and durable sourcing advantage in a market crowded with offices seeking visibility.