, who co-founded Neuberger Berman
in 1939, passed away on Friday in New York City at the age of 107, according to
. He died of natural causes at his home in Manhattan's
| Roy Neuberger |
Neuberger is survived by his sons Roy and Jim, daughter Ann, eight grandchildren and 30 great-grandchildren. Services are set for December 26 at Riverside Memorial Chapel.
Neuberger, who went to the Neuberger Berman office every day until he was 99 years old, was also an avid art collector.
"He loved his life, enjoying both his vocation and avocation,"
Neuberger's son Jim told
. "I think he loved the fact that he supported living artists."
Roy Neuberger was born on July 21, 1903 in Bridgeport, Connecticut.
The family relocated to Manhattan in 1909. He was raised by his sister
after becoming an orphan at the age of 12.
Neuberger started working as a stockbroker at Halle
& Stieglitz in 1930, married Marie Salant in 1932 and
co-founded Neuberger Berman with Robert Berman in 1939. In 1950, the company launched one of the first no-load mutual funds, the Guardian Fund
Neuberger wrote an autobiography, "So Far, So Good: The First 94 Years," in 1997. He also penned "The Passionate Collector," which was published in 2003.
In 2003, Lehman Brothers bought Neuberger Berman
for $2.6 billion. In the wake of Lehman Brothers' bankruptcy
filing amid the credit crisis in the fall of 2008, a group of Neuberger Berman executives
and portfolio managers bought a 51-percent stake in Neuberger Berman.
When the employee-led buyout was completed in May 2009, Roy Neuberger issued this statement: "This is a particularly proud day for me. It is wonderful to see the firm independent once again, and moving forward with a continuing commitment to common-sense investing and putting its clients first."
Neuberger Berman CEO George Walker
as saying in a statement issued Saturday that Neuberger is a "quiet force who inspired the respect of his competitors and the loyalty of his colleagues through his keen insights and extraordinary decision making."
Other news outlets that wrote about Neuberger include
The New York Times
The Associated Press
The Daily Mail
Armie Margaret Lee
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