Frank J. Manheim
Frank J. Manheim | |
|---|---|
| Born | 1910-08-18 New York City, U.S. |
| Occupation(s) | Academic, entrepreneur, writer, investment banker |
| Years active | 1930s–1970s |
| Known for | Partner at Lehman Brothers; leadership in U.S. investment in Western Europe post-WWII; development of Hertz Corporation; author on French glass paperweights and London travel |
| Notable work | A Garland of Weights: Some Notes on Collecting Antique French Glass Paperweights for Those Who Don't; Lion Hunting in London and Hints for the Prospective Spotter |
Frank J. Manheim was an American academic, entrepreneur, writer, and avid horse racing aficionado. During the 1930s, he served as a faculty member at Union College in Schenectady, New York, before dedicating more than three decades to the investment banking firm Lehman Brothers, where he attained partnership status. Manheim authored a specialized volume on French glass paperweights as well as a travel guide centered on London, the city where he eventually retired and died.
At Lehman Brothers, Manheim was the leading partner spearheading U.S. investment efforts into Western Europe following World War II, significantly contributing to the economic revitalization of the area. He held directorship positions at over twenty prominent publicly traded corporations spanning multiple sectors and played a pivotal role in developing the Hertz Corporation into a dominant player within the global car rental industry.
Beyond his corporate engagements, Manheim operated a prosperous horse racing stable, participated actively in fox hunting, and supported charitable organizations based in New York City.
Early life
Frank J. Manheim was born on August 18, 1910, in New York City to Armin and Theresa Manheim, immigrants from the Austro-Hungarian Empire. He grew up alongside three siblings: his elder brother Paul Manheim (born 1906), who also became a partner at Lehman Brothers and was known for his Asian art collection; his sister Alice Manheim Kaplan (born 1903), a prominent New York social figure and former president of the American Federation of Arts; and his younger sister Louise Manheim Espy (born 1919), who married author Willard Espy.
Education
Manheim completed his preparatory education at University Preparatory School in New York before earning a Bachelor of Arts degree in history from the University of North Carolina in 1932. He undertook brief studies at Harvard University followed by academic pursuits at the University of Bonn and University of Berlin in Germany. Upon returning to the United States in 1933, he enrolled at Columbia University, where he studied American and Modern European history, economics, sociology, and English literature until 1936.
Academic career
Between 1936 and 1938, Manheim held an instructor position teaching European History and French Literature at Union College in Schenectady. In 1937, acting as faculty advisor to the college’s International Relations Club, he organized and led eight radio roundtable programs addressing contemporary issues such as U.S. policy toward Latin America and military rearmament debates. That same year, he ignited controversy by scheduling a speech for Fritz Kuhn, leader of the German American Bund, citing his commitment to free speech despite opposing Kuhn’s ideology. Additionally, Manheim took part in the theatrical production One People, portraying Alexander Hamilton.
Business career
In the early 1940s, Manheim moved to New York City.
Publishing
In 1940, he assumed the presidency of Howell, Soskin and Co., a publishing company established through acquiring the New York editorial and business teams from Stackpole Sons. The firm’s initial releases included Stalin’s Kampf, compiling writings by the Soviet leader, alongside Supreme Court Justice Harlan Fiske Stone’s Public Control of Business, underscoring its emphasis on politically relevant literature.
Investment banking and directorships
Manheim began his career at Lehman Brothers' industrial division in 1943, advancing to partner status by 1951. That same year, he was appointed to the board of Sharon Steel Corporation. In 1954, he joined the board of Ketay Corporation, a manufacturer specializing in precision instruments; following Ketay's 1955 merger with Norden Laboratories, which created Norden-Ketay Corporation, Manheim assumed a directorship role within the merged entity.
During 1954, Manheim also became a board member of New York-based Omnibus Corporation amid its strategic growth phase. Omnibus acquired the Hertz Corporation from General Motors and adopted the Hertz brand name. Under Manheim’s guidance, Hertz began repurchasing franchises and expanded its international presence. The company’s market value increased significantly—from $7 million in 1953 (equivalent to $67 million in 2020) to nearly $100 million by 1965 (approximately $559 million in 2020)—highlighting Lehman Brothers’ adeptness at fostering corporate expansion.
In 1955, Manheim joined the board of Glen-Alden Coal Company and simultaneously held directorships at Associated Transport Inc., Pittsburgh Consolidation Coal Co., Southern Express Company, Kagran Corp., and Chicago Motor Coach Company. However, he stepped down from Glen-Alden’s board in 1957 following disagreements over backing the acquisition of Maremont Automotive Products.
Manheim was elected to International Silver Company’s board in 1957 and took on the role of chairman of its finance committee. He also served as director for Hertz-American Express International Ltd., a joint venture between American Express and Hertz overseeing subsidiaries across France, Mexico, Cuba, Puerto Rico, and Hawaii. In 1958, he joined Studebaker Corporation’s board and later led an investment consortium’s unsuccessful attempt to gain control of Studebaker in 1966 as the company ended automobile manufacturing.
In 1959, Manheim spearheaded Lehman Brothers’ unsuccessful effort to purchase Railway Express Agency. By 1960, he had joined City Products Corporation’s board in Chicago. That December, he was appointed chairman of Hertz’s Executive Committee and joined the board of retail chain H.L. Green Co. He was elected chairman of Drew Chemical’s board in 1962; joined apparel manufacturer Warner Brothers Company’s board in 1963; and became a director at Buckingham Corporation—the U.S. distributor for Cutty Sark Scotch Whisky—in 1964.
By 1970, Manheim held a directorship at Bankers Trust International Ltd., London, while chairing A. Manheim and Co., his family’s New York-based investment firm. In 1974, he was named chairman of Amex International Limited (a UK-authorized bank) and became director of American Express International Development Co., which managed merchant banks and financial services operations. Following Amex International's acquisition of Rothschild International Bank Ltd. in 1975, Manheim assumed the position of deputy chairman.
Throughout several corporate rebrandings during the late 1960s—including Manhattan Shirt Company’s transition to Manhattan Industries, Warner Brothers Corp.’s evolution into Warnaco Group, and Koret of California becoming Koracorp Industries—Manheim (a Warnaco Group board member) stressed the importance of strategic direction over corporate naming: “The significance lies not in your name but in how you leverage it.”
Investment banking in Europe
In 1962, Manheim was appointed as one of three American directors for CEFISA (Compañía Española De Financiación, Sociedad Anónima), a consortium comprising American, British, French, and Spanish investment banks. In 1964, he oversaw the sale of more than 400,000 Buckingham Corporation shares on the London Stock Exchange and other European markets, with Lehman Brothers underwriting the transaction. Two years later, he led a $27.5 million initial loan to Transalpine Holdings SA in Luxembourg to finance an oil pipeline stretching from Yugoslavia to West Germany—one of Europe’s largest infrastructure projects at that time. At the Federal Trust Conference in London that same year, Manheim criticized voluntary restraint policies as ineffective and observed a growing preference among European investors for securities issued within Europe.
As Lehman Brothers’ principal partner for Eurobond financing activities, by 1968 Manheim noted that Lehman was handling half of all U.S. corporate bond sales across Europe and estimated that American companies had raised upwards of $5 billion from European investors.
Writing
Manheim was an avid collector of paperweights and in 1968 authored A Garland of Weights: Some Notes on Collecting Antique French Glass Paperweights for Those Who Don't, which was published by Bodley Head in London. After moving to London, he penned Lion Hunting in London and Hints for the Prospective Spotter in 1975, released by Cadueus Press.
Public service and charities
In 1954, Manheim established the Manheim Foundation, Inc. in New York City, dedicating it to broad philanthropic efforts with a special focus on education and welfare. The foundation was overseen by directors Frank and Paul Manheim, his brothers.
He served as a director for the Fresh Air Fund in New York, an organization that has provided free countryside vacations to urban children for over a century. Additionally, Manheim chaired the Red Cross’s Annual Fund Drive in 1964.
During the Second World War, Manheim was affiliated with the Office of Strategic Services, the agency that preceded the CIA. In 1945, he participated in a covert operation based in the Netherlands.
Horse racing stable and other activities
In the early 1960s, Manheim owned Overbridge Stable, which gained recognition in steeplechase racing at Aqueduct Racetrack in New York. His horses captured prestigious titles such as the New York Turf Writers Cup and the Annapolis Handicap at Belmont Park. He was also passionate about fox hunting on his 111-acre Connecticut property near the Aspetuck River, purchased in 1954. In 1963, he assumed the role of Master of the Hunt for County Galway’s “Blazers” Hunt alongside American filmmaker John Huston.
An enthusiastic cyclist during his time in London, Manheim drew inspiration from this pastime for his travel book Lion Hunting in London. He was also affiliated with the New York Historical Society.
Personal life
Manheim married Ellen C. Althouse in 1939, and together they had two children: Katherine Manheim Ryan and Grant Coffin Manheim.
He retired from Lehman Brothers during the 1970s and moved to London, where he died in 2002.