Richard Jenrette
Encyclopedia
Richard Hampton Jenrette (born April 5, 1929 in Raleigh, North Carolina
) was one the founders of the Wall Street firm, Donaldson, Lufkin & Jenrette
(DLJ).
(BA 1951), and from the Harvard Business School
(MBA 1957).
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
. Taking the helm of DLJ in 1973, Jenrette successfully shepherded the firm through a recession and a later sale to worldwide insurance leader, The Equitable
, where he served as Chairman and CEO from 1990 until 1996.
in Charleston, SC; 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.
Jenrette has also commissioned new buildings, including a guesthouse (1997) and poolhouse (1998) at Edgewater, designed by the architect Michael Middleton Dwyer
.
Raleigh, North Carolina
Raleigh is the capital and the second largest city in the state of North Carolina as well as the seat of Wake County. Raleigh is known as the "City of Oaks" for its many oak trees. According to the U.S. Census Bureau, the city's 2010 population was 403,892, over an area of , making Raleigh...
) was one the founders of the Wall Street firm, Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette
Donaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...
(DLJ).
Education and Business Career
Jenrette graduated from the University of North Carolina at Chapel HillUniversity of North Carolina at Chapel Hill
The University of North Carolina at Chapel Hill is a public research university located in Chapel Hill, North Carolina, United States...
(BA 1951), and from the Harvard Business School
Harvard Business School
Harvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
(MBA 1957).
In 1959, he founded Donaldson Lufkin Jenrette (DLJ) with William H. Donaldson
William H. Donaldson
William Henry Donaldson was the 27th Chairman of the U.S. Securities and Exchange Commission , serving from February 2003 to June 2005...
, 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
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
. Jenrette was also instrumental in taking DLJ public in 1970, making it the first publicly traded investment firm in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Taking the helm of DLJ in 1973, Jenrette successfully shepherded the firm through a recession and a later sale to worldwide insurance leader, The Equitable
AXA Equitable Life Insurance Company
AXA Equitable Life Insurance Company, formerly The Equitable Life Assurance Society of the United States, also known as The Equitable, was founded by Henry Baldwin Hyde in 1859. In 1991, AXA, a French insurance company, acquired majority control of The Equitable...
, where he served as Chairman and CEO from 1990 until 1996.
Restoration of Historic Houses
Since the 1960s, Jenrette has bought and restored a series of significant historic American homes including Robert William Roper HouseRobert William Roper House
Robert William Roper House was built about 1838 in Charleston, South Carolina on land purchased by Robert W. Roper in May 1838. The authors of the nomination form for the National Register of Historic Places speculated that Edward B. White was the architect, although no evidence is given in...
in Charleston, SC; Millford Plantation
Millford Plantation
Millford Plantation is an historic place located on SC 261 west of Pinewood, South Carolina. Its monumental two-story Greek Revival mansion built in 1839 for John L...
in South Carolina; Ayr Mount
Ayr Mount
Ayr Mount is a Federal style plantation house located east of Hillsborough, in Orange County, North Carolina, the United States of America.In 1799, William Kirkland bought east of Hillsborough. Circa 1815, he had a home built for himself, his wife, Margaret, and their children...
in North Carolina; Estate Cane Garden on St. Croix; the George F. Baker House in New York City; and Edgewater
Edgewater
Edgewater is a common name used throughout the world as a place name. It is often found in English-speaking countries such as Australia, Canada, United Kingdom and United States.-United States:*Edgewater, Alabama*Edgewater, Colorado...
, in Barrytown, New York.
Jenrette has also commissioned new buildings, including a guesthouse (1997) and poolhouse (1998) at Edgewater, designed by the architect Michael Middleton Dwyer
Michael Middleton Dwyer
Michael Middleton Dwyer is an architect practicing in New York City known for renovating historic structures and designing new ones in traditional vocabularies. He is also a writer of architectural history who was the editor of Great Houses of the Hudson River and author of Carolands...
.
Publications
Jenrette's published works include the books 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 houses.Scholastic and other honors
- University of North Carolina at Chapel HillUniversity of North Carolina at Chapel HillThe University of North Carolina at Chapel Hill is a public research university located in Chapel Hill, North Carolina, United States...
, A.B., 1951 - Harvard Business SchoolHarvard Business SchoolHarvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, MBA, 1957 - Phi Beta Kappa
- Order of the Golden Fleece, University of North CarolinaUniversity of North Carolina at Chapel HillThe University of North Carolina at Chapel Hill is a public research university located in Chapel Hill, North Carolina, United States...
- Hon. Doctor of Laws (University of North Carolina at Chapel HillUniversity of North Carolina at Chapel HillThe University of North Carolina at Chapel Hill is a public research university located in Chapel Hill, North Carolina, United States...
) - Hon. Doctor of Laws (Hamilton College, Clinton, NY)
- Hon. Doctor of Laws (The CitadelThe Citadel (military college)The Citadel, The Military College of South Carolina, also known simply as The Citadel, is a state-supported, comprehensive college located in Charleston, South Carolina, USA. It is one of the six senior military colleges in the United States...
, Charleston, SC) - Hon. Doctor of Letters (The College of Charleston, University of SC)
- 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. EisenhowerDwight D. EisenhowerDwight David "Ike" Eisenhower was the 34th President of the United States, from 1953 until 1961. He was a five-star general in the United States Army...
Medal (1993) - Chevalier of the Legion of Honor by the President of France (1996)
- 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 PsiChi PsiChi Psi Fraternity is a fraternity and secret society consisting of 29 active chapters at American colleges and universities. It was founded on Thursday May 20, 1841, by 10 students at Union College with the idea of emphasizing the fraternal and social principles of a brotherhood...
Fraternity President
Professional affiliations
- New England Life Insurance Co., 1951–1953
- Brown Brothers Harriman & Co.Brown Brothers Harriman & Co.Brown Brothers Harriman & Co. is an American investment bank and securities firm, founded in 1818, it is the oldest and largest private bank in the United States. Brown Brothers Harriman serves clients globally in three main businesses: Investment Banking & Advisory, Wealth Management, Commercial...
, 1957–1959 - Donaldson, Lufkin & JenretteDonaldson, Lufkin & JenretteDonaldson, Lufkin & Jenrette or DLJ is a defunct U.S. investment bank founded by William H. Donaldson, Richard Jenrette and Dan Lufkin in 1959. Its businesses included securities underwriting; sales and trading; investment and merchant banking; financial advisory services; investment research;...
, Inc., 1959–1996 (Former Chairman & CEO) - The EquitableAXA Equitable Life Insurance CompanyAXA Equitable Life Insurance Company, formerly The Equitable Life Assurance Society of the United States, also known as The Equitable, was founded by Henry Baldwin Hyde in 1859. In 1991, AXA, a French insurance company, acquired majority control of The Equitable...
Companies Incorporated, 1985–1996 (Former Chairman & CEO) - Harvard University Board of Overseers
- The Duke EndowmentThe Duke EndowmentThe Duke Endowment is a private foundation established in 1924 by industrialist and philanthropist James B. Duke. The mission of the foundation is to serve the people of North Carolina and South Carolina by supporting selected programs of higher education, health care, children's welfare, and...
, Trustee - Classical American Homes Preservation Trust, Chairman
- Associates of the Harvard Business SchoolHarvard Business SchoolHarvard Business School is the graduate business school of Harvard University in Boston, Massachusetts, United States and is widely recognized as one of the top business schools in the world. The school offers the world's largest full-time MBA program, doctoral programs, and many executive...
, Director