Michael F. Price
Michael F. Price | |
|---|---|
| Born | Template:Birth date Glen Cove, New York, U.S. |
| Died | March 14, 2022 (aged 70) |
| Occupation(s) | Fund manager, value investor |
| Known for | Head of MFP Investors LLC, shareholder activism at Chase Manhattan Bank |
Michael F. Price (July 3, 1951 – March 14, 2022) was a prominent American fund manager and value investor who headed the hedge fund MFP Investors LLC.
Early life and education
Born into a Jewish family on July 3, 1951, in Glen Cove, New York, Price was the son of a clothing store chain owner. He completed his undergraduate studies with a B.A. degree from the University of Oklahoma in 1973.
Career
Price began working with Max Heine at Mutual Series in 1974 and attained full partnership status by 1982. Upon Heine’s passing in 1988, Price assumed the roles of president and chairman. In 1995, through his mutual fund, he purchased approximately 11 million shares (6.1%) of Chase Manhattan Bank, applying pressure on the institution to either divest assets or find buyers to enhance shareholder returns. This shareholder activism played a role in Chase’s subsequent $10 billion acquisition by Chemical Banking Corp. that same year, which resulted in a roughly 70% increase in stock value. The following year, Mutual Series merged with Franklin Templeton Investments. Although Price stepped away from daily operations in 1998, he continued as chairman until his departure in 2001 to establish his own investment vehicle, MFP Partners, LP.
Philanthropy
Price contributed tens of millions of dollars to the University of Oklahoma, his alma mater. The university’s College of Business, one of its facilities, and a major endowment are named in his honor. Additionally, the CGTM, inaugurated in June 2008 at the Albert Einstein College of Medicine in the Bronx, also bears his name.
Personal life
Married with six children, Price maintained a summer residence in Bay Head, New Jersey, a favored getaway for affluent executives.
Although frequently ranked on the Forbes 400 list, Price challenged public estimates of his wealth, remarking, "You guys make things up about people every year, so you can keep making things up about me."
He passed away at age 70 on March 14, 2022, following a prolonged illness.
Further reading
External links
- GuruFocus profile of Michael Price
- StockPickr profile of Michael Price
- Price College of Business at University of Oklahoma
- Articles with short description
- Articles with hCards
- No local image but image on Wikidata
- 1951 births
- 2022 deaths
- American investors
- American money managers
- American philanthropists
- American billionaires
- Businesspeople from Ocean County, New Jersey
- Businesspeople from New York (state)
- People from Bay Head, New Jersey
- People from Glen Cove, New York
- People from Far Hills, New Jersey
- University of Oklahoma alumni