Two respected financial markets professionals dead

Carnation

Sad to report.

Jack Cunningham, who oversaw $18bn in assets as Chief Investment Officer at J&W Seligman & Co. when he retired in 2008 after Ameriprise Financial Inc. bought the firm, has died. He was 49.

Bloomberg News reports that he died at home on December 20th after battling a brain tumor for six years, according to his wife, Holland Burford Cunningham.

Cunningham began his career in asset management at Salomon Brothers, where he became a group head of Salomon Brothers Asset Management and manager of the Salomon Investors Value Fund. Cunningham later joined J&W Seligman as CIO in 2004.

'Jack had a stellar track record as a money manager, but what distinguished him was first and foremost what a decent guy he was', Richard Rosen, a former colleague at J&W Seligman and now fund manager at Ameriprise, said in a telephone interview.

Jack Cunningham, J&W Seligman CIO Until Acquisition, Dies at 49

In the meantime, Bloomberg News also reports that Thomas Chrystie, the Merrill Lynch & Co. executive who developed the Cash Management Account, a 1970s innovation that drove the firm’s growth into a full-service financial provider, has died. He was 80.

He died on December 24th at a care facility in Charleston, South Carolina, after suffering many years from Alzheimer’s disease, according to his daughter, Helen C. Hipp. He had been a longtime resident of Wilson, Wyoming.

In the 1970s, when Merrill Lynch was looking to expand the work of its 'thundering herd' of brokers, Chrystie helped Donald Regan, the firm’s chairman, brainstorm an innovation that other Wall Street firms soon had to follow.

Thomas Chrystie, Creator of Cash Management Account, Dies at 80

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