Guggenheim Partners Global Chief Investment Officer Scott Minerd has died, the company announced in a press release issued Thursday. He was 63.
The money manager was one of the most prominent on Wall Street, known for his calls on stocks, bonds and Federal Reserve policy as well as for his muscular physique.
Reports indicated that Minerd suffered a heart attack during a workout. He died on Wednesday afternoon.
“We’re deeply saddened by the death of Scott Minerd and send our deepest condolences to his husband, friends and family,” said Gerard Carney, a spokesman for Guggenheim Partners.
Minerd became CIO of Guggenheim Partners in 1999, shortly after the firm was founded. He was a frequent commentator in the media, making calls on the S&P 500 SPX,
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He was known for his macro approach to investing and as a fixed-income expert who understood structured securities and currencies. He was employed at Merrill Lynch, Morgan Stanley and Credit Suisse First Boston in the 1980s and 1990s, working with legendary CEOs John Mack and Bob Diamond.
In 2017, he told Bloomberg that he had “walked away from extremely large offers on Wall Street” because he had become burnt out at age 37. “I realized this wasn’t a dress rehearsal for life, this was it,” he said.
“I have known Scott for over 30 years and we were partners much of that time,” wrote Mark Walter, CEO and a founder of Guggenheim. “Scott was a key innovator and thought leader who was instrumental in building Guggenheim Investments into the global business it is today.
“He will be greatly missed by all. My deepest condolences are with his husband, family and loved ones,” Walter wrote.
At his peak, Minerd could bench-press nearly 500 pounds, and he competed in the super-heavyweight and over-40 divisions of L.A. bodybuilding championships.
The son of an insurance salesman, Minerd grew up in southwestern Pennsylvania on land where his family settled before the Revolutionary War, Bloomberg reported.
Members of the investment community were stunned by news of Minerd’s death.
Billionaire Bill Ackman, who runs the hedge fund Pershing Square Capital Management, described Minerd as a “brilliant man.”
“He was also a lot of fun. I wish I had more time with him. Carpe diem,” Ackman wrote via Twitter.