Seth Glickenhaus, a money manager, has died. He was 102.
He died Saturday at home in New Rochelle, New York, his daughter, Nancy Glickenhaus, said by telephone. He worked until the day of his death, managing his investments.
Friday afternoon, “at 4:15, I told him the P&L for the day,” his daughter said. “He kept insisting there was some news on some of the shipping stocks.” Later, “he went to bed and he didn’t wake up,” she said.
He started as a messenger at Salomon Brothers & Hutzler in the run-up to the 1929 stock-market crash and ultimately founded Glickenhaus & Co. As senior partner and chief investment officer, he reported daily to his firm’s midtown Manhattan office and oversaw four other money managers, including his son, James.
“The thing that keeps me young is coming down here and managing money for my clients and for the firm,” he told CBS News in 2008. “I love the challenge and I love the stress involved. I think that’s what’s kept me alive and kept me at the point where I’m now approaching middle age, at the age of 94.”
In October 2012, Glickenhaus & Co. announced it was moving its $900 million in client investments to Neuberger Berman’s Straus Group.
“When you get older, your vision and hearing isn’t what it was, and that makes it tougher to manage money,” said Glickenhaus, then 98.
He formed Glickenhaus & Co. in 1961. The firm began managing assets for clients, including pension funds, in 1974 and had $1.3 billion under management at the start of 2010.
“In the middle of the night, I wake up and I’m thinking of stocks,” he said in 1996, according to the New York Times. “I’m reading newspapers. I’m reading magazines. I’m reading annual statements. We have the world calling us with what they think are cheap stocks. You would not believe the number of companies that have come into this office to make presentations. We are inundated with ideas. Ours is an editing job.”