Richard Jenrette

Richard Hampton Jenrette (April 5, 1929 – April 22, 2018) was an American businessman who was one of the founders of Donaldson, Lufkin & Jenrette (DLJ).[1]

Richard H. Jenrette
Born
Richard Hampton Jenrette

(1929-04-05)April 5, 1929
Raleigh, North Carolina, U.S.
DiedApril 22, 2018(2018-04-22) (aged 89)
Charleston, South Carolina, U.S.
CitizenshipUnited States
Alma materUniversity of North Carolina at Chapel Hill
Harvard Business School
OccupationBanker, Founder of Donaldson, Lufkin & Jenrette
Partner(s)William L. Thompson

Early life

Jenrette was born on April 5, 1929, in Raleigh, North Carolina and "grew up in a comfortable Tudor" home.[2] He was the son of Joseph Jenrette, a successful local insurance salesman, and Emma Jenrette, an avid gardener who lived to 101.[1] He attended Needham B. Broughton High School.[3]

Jenrette graduated from the University of North Carolina at Chapel Hill (BA 1951) and the Harvard Business School (MBA 1957).[4]

Career

Following his graduation from UNC, Jenrette was employed at New England Life Insurance Co. from 1951 to 1953. After obtaining his MBA from Harvard in 1957, he began working at Brown Brothers Harriman & Co. until 1959.[5]

In 1959, he founded Donaldson Lufkin Jenrette ("DLJ") with William H. Donaldson, who subsequently became chairman of the U.S. Securities and Exchange Commission, and Dan Lufkin. Under Jenrette's direction, the firm concentrated on in-depth analysis, creating a new industry standard for institutional investing. Jenrette was also instrumental in taking DLJ public in 1970, making it the first publicly traded investment firm in the United States.[6]

Taking the helm of DLJ in 1973, he successfully shepherded the firm through a recession and, later, a 1985 sale to worldwide insurance leader, The Equitable Companies Inc.,[7] where he became the chief investment officer.[5] Jenrette later served as chairman and CEO from April 1990,[8] until his retirement in 1996.[9]

In addition to his career at DLC and Equitable, he also served on the Harvard University board of overseers (and a director of the associates of the Harvard Business School), was a trustee of The Duke Endowment, and chairman of the Classical American Homes Preservation Trust.[2]

Personal life

Jenrette was a bachelor who did not marry, but had a partner, William L. Thompson, who died in 2013.[1]

Jenrette died of cancer on April 22, 2018, aged 89, in Charleston, South Carolina.[10] According to the website of his foundation, the Classical American Homes Preservation Trust, he left a paper in his desk listing his 24 rules of life for success.

Restoration of historic houses

Beginning in the 1960s, Jenrette bought and restored a series of significant historic American houses, including Robert William Roper House in Charleston, South Carolina; Millford Plantation in South Carolina; Ayr Mount in North Carolina; Estate Cane Garden on St. Croix; the George F. Baker House in New York City; and Edgewater in Barrytown, New York (bought from author Gore Vidal in 1969).[11][2]

Jenrette commissioned new buildings, including a gate house (1997) and poolhouse (1998) at Edgewater, designed by the architect Michael Dwyer.[12]

Scholastic and other honors
  • University of North Carolina at Chapel Hill, A.B., 1951
  • Harvard Business School, MBA, 1957
  • Phi Beta Kappa
  • Order of the Golden Fleece, University of North Carolina
  • Hon. Doctor of Laws (University of North Carolina at Chapel Hill)
  • Hon. Doctor of Laws (Hamilton College, Clinton, New York)
  • Hon. Doctor of Laws (The Citadel, Charleston, South Carolina)
  • Hon. Doctor of Letters (The College of Charleston, University of South Carolina)
  • Harvard Business School Alumni Achievement Award (1984)
  • University of North Carolina Distinguished Alumnus Award (1986)
  • University of North Carolina William R. Davie Award (1999)
  • American Assembly Service to Democracy Award – Dwight D. Eisenhower Medal (1993)
  • Chevalier of the Legion of Honor by the President of France (1996)[13]
  • Fellow of the American Academy of Arts and Sciences (1999)
  • National Trust for Historic Preservation Crowninshield Award (1996)
  • World Monuments Fund Hadrian Award (1998)
  • Alpha Sigma of Chi Psi fraternity president

Publications

Jenrette's books include Jenrette: The Contrarian Manager, a memoir of his career on Wall Street, and Adventures With Old Houses, a memoir of his experiences restoring several historic buildings.

References
  1. Hershey Jr., Robert D. (April 23, 2018). "Richard Jenrette, 89, Wall St. Power and Preserver of Homes, Dies". The New York Times. Retrieved 25 September 2018.
  2. Brown, Patricia Leigh (December 19, 1996). "Old Houses, Just Gotta Have 'Em". The New York Times. Retrieved 26 September 2018.
  3. "Richard Jenrette: Always traveling…home". www.waltermagazine.com. Retrieved 2020-05-25.
  4. Ellis, Charles D. Wall Street People: True Stories of Today's Masters and Moguls, Volume 2. John Wiley & Sons. p. 299. ISBN 978-0-471-23809-6. Retrieved January 5, 2015.
  5. Wayne, Leslie (June 1, 1990). "Going to the Rescue of an Insurer". The New York Times. Retrieved 26 September 2018.
  6. Profile, HBS.edu; accessed April 22, 2018.
  7. Eichenwald, Kurt. "Jenrette Reported to Decline Chairman's Job at Big Board".
  8. "Jenrette Named Equitable Chief". The New York Times. May 18, 1990. p. 3. Retrieved 26 September 2018.
  9. Truell, Peter (February 14, 1996). "Chairman of Equitable Retires, Prompting Change at Insurer". The New York Times. Retrieved 26 September 2018.
  10. "Richard Jenrette, Co-Founder of DLJ Investment Bank, Dies at 89".
  11. Classical American Homes Preservation Trust website, classicalamerican.org; accessed April 22, 2018.
  12. Richard H. Jenrette, Adventures with Old Houses (Charleston, South Carolina: Wyrick & Co., 2000); ISBN 0-941711-46-3
  13. Brozan, Nadine (September 18, 1996). "CHRONICLE". The New York Times. Retrieved 26 September 2018.
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