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Dad became the gray hair
The father had run corporate finance at Goldman in the 1980s and then ran private equity as chairman in the 1990s. When his son started the fund with money from friends and family, he was the first call. He offered to oversee things while his son built the team in Boston and ran the money, and he helped raise some of it.
He was known as a great investor, which isn't the most common thing at an investment bank, and he sat on the firm's commitments committee. People brought him personal problems and work problems, and he handled them with grace and a soft way. He was modest, whip smart, wise, warm, and had a great sense of humor.
After he died, his son received many letters from people describing him as an influence, a gentleman, and a mentor to them.
What did being a Goldman partner mean?
Goldman Sachs was a private partnership from 1869 until it went public in May 1999. The partners pooled their own capital in the firm and shared in its profits and losses. Because their own money was at stake, they policed the firm's risks closely. Partnership status came through a vote and was reviewed by the firm's senior partners every two years.
Why did mutual funds begin in Boston?
An 1830 Massachusetts court ruling, Harvard College v. Amory, set the prudent man rule that guided how trustees could invest other people's money. Wealthy Boston families with large trusts built up a class of professional money managers. Massachusetts Investors Trust, launched in Boston in 1924, was the first open-end mutual fund in the United States. Fidelity was founded in the city in 1946.
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