Michael F. Price

Michael F. Price
Born July 3, 1951 (1951-07-03) (age 67)
Glen Cove, New York, U.S.
Residence Far Hills, New Jersey, U.S.
Citizenship United States
Education University of Oklahoma
Occupation Investor and fund manager
Net worth US $ 1.23 billion (May 2017)[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 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

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

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

  1. 1 2 3 Forbes: the World's Billionaires: Michael Price May 2017
  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 Archived 2007-08-04 at the Wayback Machine. History of Mutual Series and Heine Securities
  8. 1 2 "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.
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