Michael F. Price

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Michael F. Price
BornJuly 3, 1951 (1951-07-03) (age 67)
Glen Cove, New York, U.S.
ResidenceFar Hills, New Jersey, U.S.
CitizenshipUnited States
EducationUniversity of Oklahoma
OccupationInvestor and fund manager
Net worthUS $ 1.23 billion (May 2017)[1]
Spouse(s)Married
Children4

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

Early life and education[edit]

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[edit]

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 was 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, MFP Partners, LP.[7][8]

Philanthropy[edit]

He has donated tens of millions of dollars to his alma mater, the University of Oklahoma, and to the fraternity of which he was a member, Beta Theta Pi.[9] The OU College of Business, one of its buildings, and a large endowment bear his name.[10] The CCTM, which officially opened in June 2008 at the Albert Einstein College of Medicine in the Bronx, bears his name too.

Personal life[edit]

Price is married and has four children.[1] He has been a summer resident of Bay Head, New Jersey.[11]

Often included in the Forbes 400, Price has disputed this claim, stating "you guys make things up about people every year, so you can keep making things up about me."[8][12]

References[edit]

  1. ^ a b c Forbes: the World's Billionaires: Michael Price May 2017
  2. ^ a b 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. ^ a b 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 Archived 2007-08-04 at the Wayback Machine. History of Mutual Series and Heine Securities
  8. ^ a b "The Forbes 400 The Richest People in America". Forbes. September 2008. Retrieved 3 February 2018.
  9. ^ Business Week April 25, 1997
  10. ^ About Price College Archived 2006-12-23 at the Wayback Machine. Oklahoma University
  11. ^ 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."
  12. ^ "In Pictures: Rich And Under The Radar". Forbes. 12 December 2006. Retrieved 3 February 2018.

External links[edit]