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Friday, March 27, 2009

A Fund Lion Dies

News summary by MFWire's editors

A mutual fund giant just passed on. The Associated Press reports that Dreyfus founder Jack Dreyfus died Friday at the age of 95.

Jack Dreyfus

Photo courtesy of Katvan Studios
www.katvan.com
The New York Post's Dareh Gregorian reports that Dreyfus passed away at 3:10am Friday morning, but at New York Presbyterian Hospital.

"We are deeply saddened by the news that our beloved and legendary founder, Jack Dreyfus, has passed," said Dreyfus spokeswoman Patrice Kozlowski said in an e-mailed statement to The MFWire.

"This remarkable individual was a legend in the creation and marketing of mutual funds and a humanitarian with a heart of gold. We are eternally grateful to our founding father for his legacy of innovation and integrity. Our hearts go out to Jack's family and friends," Kozlowski added.

After departing Dreyfus (now part of BNY Mellon) decades ago in the wake of his battle with depression, he sold the firm for a reported $100 million 1970. He then launched the Dreyfus Medical Foundation (now the Dreyfus Health Foundation) to research and advocate the use of Dilantin in the treatment of depression. Dreyfus' 2003 book The Story of a Remarkable Medicine tells the story of his efforts (see MFWire, 8/29/2003).

Fundsters may remember both the Dreyfus Fund and Dreyfus' black and white television ad featuring a now famous lion. Indeed, the ad won him Standard & Poor's gold trophy for "Excellence in Wall Street Advertising."  

Edited by: Neil Anderson, Managing Editor


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