Richard H. Medley, founder of hedge-fund advisory firms and a former partner of George Soros, has died at age 60.
Medley died Nov. 16 at New York Presbyterian Hospital/Weill Cornell Medical Center after a brief illness, his firm, RHM Global LLC, said in a statement today.
Medley, whose reports including financial market and political analysis were closely followed on Wall Street, founded New York-based Medley Global Advisors, a hedge fund adviser, in 1995. The firm was sold a decade later to private-equity firms Boston Ventures Management Inc. and Castanea Partners.
“I knew him for many years and valued our relationship,” Lloyd C. Blankfein, Goldman Sachs Group Inc.’s chairman and chief executive office, said in an e-mail today to Bloomberg News. “I was surprised and saddened when I learned of his untimely passing.”
Medley also founded RHM Global LLC, which provides hedge funds and wealthy clients with advice on financial markets and the economy.
Medley previously was a partner, managing director and chief political adviser at Soros Fund Management LLC. He was also chief economist for the U.S. House Banking Committee and chief of staff for the Senate Democratic leadership, according to the RHM statement.
“Richard treated the water boy at Jackson Hole the same exact way he treated the finance minister of Japan,” his widow, Dorinda C. Medley, said in a phone interview today. “He never made anyone feel uncomfortable.”
The Medleys were married in October 2005.
“When I came to the Street in 1991, people told me to look out for his reports because they could influence the direction of the markets,” said Michael Franzese, managing director and head of Treasury trading at Wunderlich Securities Inc. in New York. “Everybody traded after him and his reports. People would change their positions based upon what he was thinking -- if he indicated that he thought the Fed was tightening or easing.”
Medley served on the boards of Yale University in New Haven, Connecticut, and Claremont Graduate University in California, according to the statement.
He is survived by his widow, children Paige and Aidan Medley, stepdaughter Hannah Lynch, and brother Robert Medley.
A funeral will be held Nov. 21 at 11 a.m. at Brick Church in New York.