June 18 (Bloomberg) -- Reinfried Pohl, who turned Deutsche Vermoegensberatung AG into Germany’s biggest financial-services broker, has died. He was 86.
The founder and chief executive officer of the Frankfurt-based company died of heart failure on June 12, according to a statement on its website.
Pohl started Deutsche Vermoegensberatung, better known as DVAG, in 1975 as a brokerage for investment funds, life insurance and bank bonds. He helped build the unlisted company into an enterprise with 6 million customers and more than 3,400 financial advisers and employees. Through a holding company, Pohl and his family held a stake of more than 60 percent, according to DVAG’s 2013 annual report.
“Reinfried Pohl was a role model and mentor with an impressive character and he was a great philanthropist,” Friedrich Bohl, the chairman of DVAG’s supervisory board, said in the statement.
DVAG had total holdings, including life insurance, investments and building-society savings, of 178.4 billion euros ($242 billion) last year. Net income was 176.1 million euros. The German unit of Italian insurer Assicurazioni Generali SpA owns about 40 percent of the company, according to DVAG’s annual report.
Pohl was born on April 26, 1928, in the eastern German town of Zwickau, the birthplace of composer Robert Schumann. His father, Gerhard Pohl, was a civil servant and his mother was the former Maria Liska. He had two brothers, Gerhard and Helmut, according to WirtschaftsWoche.
Pohl served as a soldier and anti-aircraft squad member toward the end of World War II.
In 1948, he began studying law in Marburg, north of Frankfurt, earning a doctorate in jurisprudence in 1953. After working in various jobs in the Germany insurance industry, Pohl founded DVAG with his wife, Anneliese, who died in 2008.
He is survived by sons Reinfried Pohl Jr., 54, and Andreas, 49, both of whom have served in management positions at DVAG for 30 years and have taken over leadership of the brokerage, according to the company.
“We have lost a unique person and loyal partner, an extraordinary entrepreneur and inspiring visionary,” the management board of DVAG partner Central Krankenversicherung AG said in a death notice in Die Welt newspaper.
To contact the reporter on this story: David Henry in Frankfurt at firstname.lastname@example.org