Paul Manheim

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Paul Manheim
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Born(1906-01-01)January 1, 1906
Slovak Republic (now)
Died
East Hampton NY
CitizenshipSlovak Republic
OccupationInvestment Banker
EmployerLehman Brothers

Paul Manheim was an American businessman whose 50+ year career with the investment banking firm of Lehman Brothers was instrumental in providing idiosyncratic investment counsel and management to affluent Americans in the thriving post-World War II financial era. He began his tenure at Lehman Brothers as a technical analyst, then acted as a general partner for 26 years. He was also elected to the boards of directors of more than ten international corporations, serving on the boards of motion picture titans Metro-Goldwyn-Mayer and Paramount Pictures. He was instrumental in Lehman Brothers’ development of its first open end investment fund – the One William Street Fund.

He was a renowned patron of the arts, serving the Brooklyn Museum, the Metropolitan Museum of Art and the Boston Museum of Fine Arts. He was recognized for his vast collection of Asian art and the love and respect he had for the genre. He donated most of his collection to the Brooklyn Museum.

Early life

Manheim was born in what is now the Slovak Republic in 1906. He and his family moved to New York City when he was an infant.[1] He had three siblings, all now deceased. Frank (b. 1910 New York City) was an American businessman and also a partner at Lehman Brothers. His sister, Alice Manheim Kaplan (b.1903 Budapest), was a New York socialite and patron of the Arts and former president of the American Federation of Arts.[2] Manheim’s younger sister, Louise Manheim Espy (b. 1919 New York City) was the wife of renowned writer and wordsmith, Willard Espy, who credited her for his success as the author of 16 books.[3]

In 1925, after graduating from the University of Virginia in Charlottesville Virginia, he moved to the Caribbean where he worked for Dunbar Molasses and served as American counsel in Guyana, then known as British Guyana.

Business career

In 1927, he came back to New York City and worked for a brokerage firm before becoming a statistical analyst for Lehman Brothers in 1928. His 40+ years at Lehman were marked by his leadership in involving the firm in providing individual investment services to affluent Americans in the post-World War II decades.[1]

Postal Cable and Telegraph Corporation emerged reorganized from a chapter 11 bankruptcy in early 1940. As part of that plan, Manheim was named to a new executive committee.[4] Manheim was formally added to the Postal board of directors in 1940.[5]

In 1943, still at Lehman Brothers, he became a director of the Air Express International Agency. The company, the largest in global air shipping, serviced air shipments for these airlines: Pan American Airways, American Export Airlines, British West Indies Airlines, Aero Visa Brazil and KLM Royal Dutch. Lehman had purchased an interest in the company.[6]

In 1944, he was named a general partner at Lehman Brothers. He was then a member of the boards of directors of the All America Corporation and American Cable and Radio.[7] In 1945, Manheim was elected a director of the Vertientes-Camaguay Sugar Company of Cuba replacing Frederick Adams, who resigned.[8] The following year, following the resignation of Col. Edward Deeds, Manheim was elected Chairman of the Board, replacing Deeds.[9]

In February 1956, he was elected to the board of Loew’s Corporation, the holding company for Metro-Goldwyn-Mayer.[10]The shareholder meeting to elect Manheim was highly contentious, as stock owners questioned the involvement of Lehman Brothers and Manheim in Lowes’s by “…hurling verbal custard pies,” according to the New York Times. Manheim was elected by over 86% of the voting shares.[11]

Western Union Corp. shareholders approved a plan for the emergency election of directors and officers in the event of “management casualties from an atomic attack,” in 1957. They also added him to the corporation’s board of directors.[12]

In 1958, Lehman Brothers, which was noted for its reluctance to get into investment services for large numbers of ordinary Americans, announced and underwrote a new financial concept – its first open end investment fund, The One William Street Fund. This was the largest financial underwriting ever taken by an investment company at $185 million (Template:Inflation). Commissions for the underwriters were $15 million (Template:Inflation). Manheim served as a director of the fund.[13]

Shareholders of Ekco Products, a Chicago-based houseware products manufacturer, named Manheim to the corporation’s board in 1959. He was also a director of Lehman Corp. and Security Title Insurance Company, among others, at that time.[14] Toronto-headquartered Brazilian Traction, Light and Power, a company that focused on hydro-electric development projects in Brazil, named him a director in 1961.[15]

In 1961, he became a director of Paramount Pictures Corporation.[16] Five years later, in 1966, dissident shareholders filed suit against Paramount, Lehman Brothers and Manheim, charging the directors of Paramount had violated SEC rules by “making false statements and claims.”[17] The suit became moot when Paramount was purchased by conglomerate Gulf and Western in October 1966.[18]

Manheim made a move to limited partner status or semi-retirement at Lehman Brothers in 1970.[1] In retirement, Manheim slowed down. Responding in a New York Times column recounting the early morning habits of prominent New Yorkers, he complained that Ted Koppel’s Nightline (ABC News) was “interesting, but on too late.” Manheim suggested Koppel change his broadcast to a more reasonable time – 5:00 am.[19] After Lehman Brothers went through a series of internal conflicts in the 1980s, Manheim was quoted in an article on the firm’s history and demise, “…we were all friends,” he said, calling the sale to Shearson/American Express “a tragedy.”[20]

Collector of Asian art

Manheim began collecting Asian art in the 1960s. According to his sister, Alice Kaplan, former president of the American Federation of Arts, it was a “marvelous collection.”[21] He was described as one of the unique collectors who had developed a great love and respect for Asian art. Pieces from his collection occasionally appear at auctions. One, a large schist figure of a standing Buddha, was offered by Christie’s in 2009 at $4-$6 million. Another, a carved granite statue of Nandi went for $2-$3 million.[22]

Works from the Manheim Collection were donated to Cooper Hewett Smithsonian Design Museum in Washington,[23] the National Museum of Asian Art Smithsonian, [24] and to the Metropolitan Museum of Art.[25]

On Labor Day weekend in 1975, Manheim’s apartment in Manhattan was broken into and most of his private collection of Asian art was stolen. More than 200 pieces valued at $750,000 (Template:Inflation) were taken.[26] The FBI later recovered most of the stolen objects; rather than return to collecting, Manheim gave most of the artwork to the Brooklyn Museum.[27]

Manheim was a governor of the Brooklyn Museum and a member of the Advisory Committee of the Metropolitan Museum of Art. He also served on the Advisory Committee of the Boston Museum of Fine Arts.[26]

Community Service

He was on the Executive Committee of the Henry Street Visiting Nurse Service in 1940.[28] In the early 1960s, Manheim was a member of the Board of Lay Trustees at Fordham University in New York City.[29] He served as a member on the Grace Commission on Cutting Government Costs in 1984. The Commission, formally the Private Sector Survey on Cost Control (PSSCC) was led by industrialist J. Peter Grace, and was established by Pres. Ronald Reagan to eliminate waste and inefficiency in the Federal government.[30]

Personal life

His first marriage to Kate Carns was in 1931; his second was to Ruth Gram in 1958. Both ended in divorce. His third wife, Simone Gardner, survived Manheim. He had two daughters – Emily Manheim Goldman and Martha Manheim Green and one son – Anthony Manheim.[1]

Manheim died at his home in East Hampton, NY at the age of 93 in the French style oceanfront chateau he had built in 1960 on property he had owned since the early 1950s.[31]

References

  1. ↑ 1.0 1.1 1.2 1.3 Johnston, David Cay (8 January 1999). "Paul Manheim, 93, Partner At Lehman for Many Years". New York Times. New York NY.
  2. ↑ Vogel, Carol (16 May 1995). "Alice Kaplan, art collector and patron, 91". New York Times. New York NY.
  3. ↑ "Louise Espy". Chinook Observer. Long Beach WA: EO Media Group. 11 December 2011.
  4. ↑ "Court confirms new Postal plan". New York Times. New York NY. 24 January 1940.
  5. ↑ "Reorganized Postal Telegraph formally starts its new setup". New York Times. New York NY. 31 January 1940.
  6. ↑ "Bankers buy share in express agency". New York Times. New York NY. 6 December 1943.
  7. ↑ "Manheim a Lehman partner". New York Times. New York NY. 21 December 1943.
  8. ↑ "Manheim on board". New York Times. New York NY. 19 December 1945.
  9. ↑ "Quits Vertientes Posts". New York Times. New York NY. 21 May 1945.
  10. ↑ "Two on Loew's board slate". New York Times. New York NY. 17 February 1956.
  11. ↑ "Lowe's stockholders highly critical". New York Times. New York NY. 24 February 1956.
  12. ↑ "Western Union notes dip in net". New York Times. 11 April 1957.
  13. ↑ "William Street Fund will bow today". New York Times. New York NY. 15 May 1958.
  14. ↑ "New Director chosen by Ekco Products". New York Times. New York NY. 11 April 1959.
  15. ↑ "Brazilian Traction adds banker to directorate". New York Times. New York NY. 24 May 1961.
  16. ↑ "Paramount fills two high posts". New York Times. New York NY. 8 June 1961.
  17. ↑ "2 Dissident Paramount holders plan a proxy fight for control". New York Times. New York NY. 26 March 1966.
  18. ↑ Sloan, Leonard (20 October 1966). "Paramount Pictures joins Gulf & Western". New York Times. New York NY.
  19. ↑ Nemy, Enid (29 June 1986). "New Yorkers, etc". New York Times. New York NY.
  20. ↑ Auletta, Ken (24 February 1985). "The Fall of Lehman Brothers: The Men, The Money, The Merger". New York Times. New York NY.
  21. ↑ Cummings, Paul (8 March 1978). "Oral history interview with Alice M. Kaplan, 1978 February 21-March 8". Archives of American Art. Washington DC: Smithsonian Institution.
  22. ↑ Nag, Ashoke (25 August 2009). "Christie's set to offer Indian artworks in September". The Economic Times. Gurugram India.
  23. ↑ Cooper Hewitt, Smithsonian Design Museum. "Paul Manheim". Smithsonian Institution. Retrieved 3 February 2021.
  24. ↑ [tps://asia.si.edu/?s=manheim "Manheim"].
  25. ↑ "Manheim Collection". www.metmuseum.org.
  26. ↑ 26.0 26.1 Saxon, Wolfgang (3 September 1975). "$750,000 in Art Objects Is Stolen Here". timesmachine.nytimes.com.
  27. ↑ "Paul Manheim, 93, Partner At Lehman for Many Years". timesmachine.nytimes.com. 8 January 1999.
  28. ↑ Morgenthal, Rita Wallach (5 December 1940). "Letter to Herbert Lehman, Governor of New York State" (PDF). Columbia University Digital Collection. Columbia University.
  29. ↑ "Cornerstone Ceremony Program". Fordham Law School Archive of Scholarship and History. Fordham University. 30 May 1960.
  30. ↑ "MEMBERS OF REVIEW PANEL". timesmachine.nytimes.com. 13 January 1984.
  31. ↑ "Sale In East Hampton For $24.5 Million". 27 East. 2019-09-13.

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