Quotes from People who worked with Jack:
“Jack was a great guy. In his day, he was a legend in the fixed income markets. For many years (the others might know exactly how many) he was the top ranked fixed income strategist in the II investor survey. I’m pretty sure his domination was only ended by Lehman’s demise. He as also a key contributor to the Lehman Research organization’s collective top II ranking (again, for many years). Not least of all, he played a major role in building Lehman’s index shop into a powerhouse and in maintaining its position. To this day, it dominates the space in the guise of the Bloomberg Indices.
Jack was innovative and influential in so many ways, all of which underpinned his induction into the HoF – as did his interest in, and support of, FIASI over the years.
Away from his many professional accomplishments, Jack was an outstanding individual on a personal level. He was a loyal friend and work colleague. He always acted with integrity, even in the face of difficult circumstances. He struggled with health issues for at least a decade, but never complained and maintained his sense of humor. I will miss him greatly.”
David Munves, Past President of FIASI
________________
"When I was running Hall of Fame and nominated Jack, it was one of the few times that no further discussion was necessary. Jack’s in-depth knowledge of the intersection of global capital markets was unparalleled. I learned lots from him.
And always enjoyed our informal competition of number of countries and continents we each experienced."
Diane Vazza, Past President of FIASI and current board member
_________________
"Jack put a of energy into FIASI and contributed greatly to the field. But above all he was a congenial colleague and lots of fun to be around. A great model for those he mentored in the business."
Marty Fridson, Fellow Hall of Fame Award Winner
__________________
"I am truly saddened by this. Jack had my highest regard as a professional. I credit him and his team with advancing fixed income research and portfolio management into the modern era. I know his insights helped me be a better analyst and portfolio manager. His contributions to FIASI were immeasurable, we wouldn't be where we are without him. On top of that, he was just a great guy. He treated me with respect while I was beginning my career and this giant of a figure just invited me along for the ride. He certainly belongs on the Mount Rushmore of fixed income. My condolences to his family, friends and the colleagues who worked closely with him, including Mark and Dave."
Ralph DeCesare, Past President of FIASI and current board member
___________________
"Jack was more than a great analyst and leader in the market. If I was to cast a vote on the “GOAT” in fixed income research, Jack is an easy decision for me as the one. I first met Jack when I was on the buyside (4 decades ago) when he would come over from Kidder Peabody to present on credits. He was doing sell side research the way it was supposed to be done, so he set the bar high. When I ended up at Lehman working with him, Jack kept raising the bar. There are so many stories and laughs from the past with Jack right down to his showing up at a client outing with a radar gun to measure serve speed. Jack of course was analyzing serves with data. He was one of a kind, and it was the good kind. He will be remembered and missed."
Glenn Reynolds, Fellow Hall of Fame Award Winner
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"In the early 90’s when I first started in Fixed Income I was invited to listen to the great Jack Malvey when he came into our office. After he presented, I went up and introduced myself, I told him I was new and found his insight extremely helpful. A few days later our sales coverage called and said Jack had asked him to reach out and have me in to answer any questions I might have. I was a bit surprised; I was a clueless new person. When we met, I remembered distinctly Jack said something to like “I know they don’t teach bond math in college, so figured if you had any questions that you might be embarrassed to ask at your own firm, I would be happy to walk you through it”. It was truly one of the most gracious things anyone did in my career and set a great example. As my career progressed, I earned my spot at the table, and had many interactions with him at the conferences the research team at Lehman would host. His presence and insight were always the driver of these meetings, although his delivery was always with great humility. He encouraged debate, and loved sharing his insight, but learning from others as well. A true sign of a superior intellect. Then as my career shifted, although I continued to read his research, I fell out of touch with Jack in the early 2000’s. Then some years back I found myself having to travel to London on “Masters” Sunday. I was sitting in the Biz class lounge waiting for my flight to leave, watching the tournament, and drinking a beer. Behind me I heard someone seemingly fighting with a pile of papers making a bit of a fuss, so I turned to see what was going on, and there was Jack, stack of research in hand, digging for something in the pile. I went over and said hi. We had a great ~30 min chat. That was the first time I learned of his love for baseball, something I did not know we shared. He talked about his wife and kids, with great pride and affection. Asked about my family, with genuine interest. That is when I got to know a bit about the man. Not surprisingly, he was the same thoughtful, self-deprecating person that was on stage presenting, but this time he was sharing his life at a table in a lounge. I will forever be grateful for his early gesture of offering to teach me, taking up his valuable time. I am so happy for that chance encounter because it gave me an opportunity to remind and thank him for it. True to character he dismissed it saying, “it was nothing”. Here is to the man that gave so much insight, thinking “it was nothing”, when the reality is his imprint will forever be present in the Fixed Income markets through his work, and carried by all those who were lucky enough to know him, which is obviously far from nothing. He was truly one of a kind setting a standard of excellence which was fueled by passion, and delivered with grace, humor, and most of all humility."
Bryan Carroll
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From Bloomberg:
Jack Malvey, Bond Market Expert Who Worked at Lehman, Dies at 72
2024-04-17 - By Liz Capo McCormick
He ran the bond indexes that became market benchmarks
Few ‘had such an impact on this industry’: BlackRock’s Rieder
(Bloomberg) -- John “Jack” Malvey, a respected figure in
the bond market whose decades in the industry included a long
run as Lehman Brothers Holdings Inc.’s chief strategist in fixed
income, has died. He was 72.
He died on April 11 after an extended illness, according to
a death notice on the website of the Hugh M. Moriarty Funeral
Home in Montclair, New Jersey.
Malvey was the chief global fixed-income strategist at
Lehman Brothers and managed the team that ran the firm’s bond
indexes, which became benchmarks that guided bond investors of
all types. Those gauges became the Barclays Capital Bond Indices
and, ultimately, the Bloomberg indexes.
He was at Lehman from 1992 to 2008, when, facing bankruptcy
due to the global financial crisis, the firm sold its investment
banking business to Barclays Plc. He stayed at Barclays for just
a few months.
Mark Howard, a managing director at BNP Paribas who worked
with Malvey at both Lehman and Barclays, said he watched Malvey
bring the Lehman indexes from a “backwater thing in the IT
department” to guideposts for the wider industry.
“I owe a lot of my good fortune in the business to a trail
that Jack blazed,” Howard said in an interview. “He had a
particular vision – not about next week’s trade but about the
development of markets, the business of portfolio management and
the business of fixed income. He used that vision to innovate.”
Among those innovations, Howard said, was a weekly
broadcast on bonds that made Lehman one of the first sell-side
Wall Street firms to record videos sharing their viewpoints,
something that became commonplace.
Malvey’s strategy team at Lehman was ranked first in
Institutional Investor magazine’s annual poll of the best US
bond analysts for 16 consecutive years, according to a 2011 Bank
of New York Mellon announcement on his appointment as chief
global market strategist there. He most recently worked as a
special counselor at the Center for Financial Stability.
‘Intellectual Curiosity’
Malvey “was one of the true architects, innovators and
contributors to the fixed income and broader financial
industry,” Rick Rieder, chief investment officer of global fixed
income for BlackRock Inc., said an an email on Wednesday.
“Few people have had such an impact on this industry; he
created a spirit of intellectual curiosity and was a model for
the pursuit of excellence that is reflective of how we all work
today,” Rieder said.
In a post on LinkedIn, Lale Akoner, portfolio manager at
Newton Investment Management, paid tribute to Malvey as “a
legend,” a “mentor” and “my first boss who took me under his
wing, hired me right after my grad degrees, instilled in me a
passion for markets and investing.”
Malvey was born on Dec. 27, 1951. After graduating from
Georgetown University in 1973, he spent two years in the Air
Force, then studied at the New School for Social Research in New
York.
He began his career at Moody’s, then worked at Kidder
Peabody before landing at Lehman.
He held the Chartered Financial Analyst designation and
belonged to the New York Society of Security Analysts and the
Fixed Income Analysts Society, according to the Center for
Financial Stability.
To contact the reporter on this story:
Liz Capo McCormick in New York at
To contact the editors responsible for this story:
Sydney Maki at
Laurence Arnold
To view this story in Bloomberg click here:
https://blinks.bloomberg.com/news/stories/SC3EFWDWRGG0
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