Michael F. Price

Michael F. Price
Born July 3, 1951 (1951-07-03) (age 65)
Glen Cove, New York
Residence Far Hills, New Jersey
Citizenship United States
Education University of Oklahoma
Occupation Investor and fund manager
Net worth Decrease US $ 1.25 billion (Sept 2013)[1]
Spouse(s) Married
Children 4

Michael F. Price (born July 3, 1951) is an American value investor and fund manager.

Early life and education

Price was born on July 3, 1951[2] to a Jewish family[3] in Glen Cove, New York.[2] His father ran a chain of clothing stores.[4] In 1973, he earned a B.A. from the University of Oklahoma.[1]

Career

In 1974, he accepted a job with Max Heine[4] at Mutual Series. In 1982, he became a full partner[5] and when Heine died in 1988, became the president and chairman. In 1995, with his mutual fund, he famously took a position in Chase Manhattan Bank of 11 million shares or 6.1% of their stock to force them "to sell divisions or take other actions" to find a buyer to elevate the value of their stock. Chase ultimately sold to Chemical Banking Corp. on August 28, in a deal valued at more than $10 billion and 70% higher than his initial purchases.[6] In 1996, Mutual Series was merged into Franklin Templeton Investments. In 1998, Price stepped down from day-to-day fund management duties but continued as chairman of the company, and in 2001, he left the firm to begin his own fund company.[7]

Philanthropy

He has donated tens of millions of dollars to his alma mater, the University of Oklahoma, and the fraternity he was a member of there, Beta Theta Pi.[8] The OU College of Business, one of its buildings, and a large endowment bear his name.[9] The CCTM, officially opening in June 2008 at the Albert Einstein College of Medicine in the Bronx, bears his name too.

Personal life

Price is married and has four children.[1]

He has been a summer resident of Bay Head, New Jersey.[10]

References

  1. 1 2 3 Forbes: the World's Billionaires: Michael Price September 2013
  2. 1 2 New York Times: "Manager's Profile; Michael F. Price" By Carole Gould June 20, 1993
  3. ↑ Forbes Israel: Jewish Billionaires - Profile of Michael Price April 14, 2013 (in Hebrew)
  4. 1 2 New York Times: "Chase Investor Shows Impressive Record" By FLOYD NORRIS April 06, 1995
  5. ↑ The Oklahoma City Journal Record Dec 12, 2005.
  6. ↑ Banking's New Giant: The Deal; Chase And Chemical Agree To Merge In $10 Billion Deal Creating Largest U.S. Bank, New York Times, August 29, 1995
  7. ↑ Franklin Templeton History of Mutual Series and Heine Securities
  8. ↑ Business Week April 25, 1997
  9. ↑ About Price College Oklahoma University
  10. ↑ Konrad, Walecia. "HAVENS; Weekender | Bay Head, N.J.", The New York Times, June 13, 2003. Accessed August 23, 2015 "Bay Head is still a retreat for wealthy executives. Summer residents include Roger King, chief executive of CBS Enterprises and King World Productions, and Michael Price, formerly of the Mutual Series mutual fund company."
This article is issued from Wikipedia - version of the 8/5/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.