One of the most powerful families in America has launched an investment fund to manage its billions

Charles and David KochYouTube still, ReutersCharles (left) and David Koch.

One of America’s most powerful — and richest — families is launching its own private wealth management firm to invest its billions.

Charles and David Koch, worth a combined $100 billion, have started a family office, Bloomberg’s Margaret Collins reports.

1888 Management LLC is named for the year the billionaires’ grandfather, Hotze Koch, emigrated to America from the Netherlands.

The office has more than $2 billion under management, according to the report, although it holds less than $100 million in publicly traded stocks.

It’s incorporated in Delaware and registered in California, Florida, and Kansas.

Under the leadership of Trent May, who joined from Wyoming’s Retirement System and before that, his own hedge fund, the firm reportedly aims to take large, direct stakes in companies. It has already invested in the telecom X5 OpCo LLC, according to the report.

The family office was initially part of Koch Industries, which is the second-largest privately owned company in the US.

Read the full story over at Bloomberg »

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