Edward Feigeles, who led private wealth management divisions at Morgan Stanley (MS:US) and Lehman Brothers Holdings Inc., has died. He was 58.
He died on April 29 at NYU Langone Medical Center in New York after a brief illness, his wife, Kathryn Green, said today in an interview. He was a resident of Manhattan.
Under Feigeles’s direction, Lehman’s 500-broker Private Client Services group became “the industry’s top high-net-worth business,” with average broker production of $1.8 million, compared with an industry average of less than $500,000, the company said in a 2002 news release. The year before, the group had produced more than $700 million in revenue.
Feigeles, a managing director, had joined New York-based Lehman in 1996 with a mission to create the “prototypical” money-management office for wealthy clients by integrating private-client services with the fixed income and equity units, American Banker reported. Within a year he was overseeing about 300 brokers handling more than $5 billion in assets from 24 offices worldwide, the newspaper said.
During his time as global head of private client services, Lehman in 2000 added 130 brokers by buying the private client group of SG Cowen, a unit of France’s Societe Generale SA.
“There is no alternative for personal relationships when it comes to dealing with the wealthy of the world,” Feigeles said at the time. “When it comes to the Internet, we haven’t been hurt by it.”
Feigeles joined Lehman from New York-based Morgan Stanley, which had made him a managing director in 1995. He oversaw private client services and middle-market sales for Morgan Stanley U.S. until the early 1990s, when he began overseeing that work for Morgan Stanley International in Europe and Asia, according to a biography on the website of Liquid Holdings Group LLC, a trading software company where he served as a director since November.
He left Lehman in 2005, three years before the firm filed for bankruptcy, and became a partner at hedge fund BDI Capital Management LLC in 2007. He then was a partner at Centurion Trading Partners, leading its early-stage investing division, Centurion Venture Partners, according to that firm.
Edward Mitchell Feigeles was born on June 18, 1954, in New York, the son of Seymour and Sybil Feigeles.
He earned a bachelor’s degree from the University of Maryland.
Feigeles and his wife had three children, Kara, Sam and Gregory. He also had three brothers, Michael, William and David, according to a death notice in the New York Times.
To contact the reporter on this story: Laurence Arnold in Washington at email@example.com
To contact the editor responsible for this story: Charles W. Stevens at firstname.lastname@example.org