Richard (Dick) Fuld was the last CEO of Lehman Brothers prior to its collapse ten years ago on 15 September 2018. After years of avoiding the public eye, Fuld has been rebuilding his career as CEO of wealth and asset management firm Matrix Private Capital Group.
The New York based firm was set-up in 2016 and according to the Financial Times in 2017 had more than $100m assets under management and from 18 families.
In November 2017 the company announced an expansion to Palm Beach in Florida and to Los Angeles, California.
At the time of the announcement Fuld said in press release: “We see clear opportunities in a flawed and highly fragmented financial services market.”
“Despite the proliferation of technology, robo-advisors, automation and algorithms in financial services, we still firmly believe in the value of relationships,” said Fuld.
“We’ve assembled a team whose members share longstanding professional and personal ties that embody the tight-knit, team-oriented culture we are proud to bring to our clients.”
And Fuld is not the only Lehman exec at the business as COO Marc Scheuer and New York managing director Thomas Deutsch are both former Lehman Brothers alumnus.
Matrix Private Capital Group sister company Matrix Advisory was first set up by Fuld in 2009 focusing on M&A advisory services.
Richard Fuld has no regrets
Lehman Brothers bankruptcy was not only the triggered for global financial crisis that followed, it’s also the largest ever corporate bankruptcy in the US with the firm holding over $600bn in assets, but also $619bn in debt at the time of collapse.
Hearings and investigations followed as the global financial services markets unravelled, but Fuld managed to escape most of the blame for the financial services firm’s collapse in the eyes of the law.
Nevertheless, Fuld, also known as Gorilla of Wall Street, was scrutinised and blamed by many. Time magazine names him as one of the 25 people to blame for the financial crisis.
Years letter, speaking at the Marcum Microcap conference in New York in 2015, his first even public appearance in years, Fuld blamed politicians and a “perfect storm” situation for the collapse.
“For me, it’s about how do I make a difference during my time here. And whatever it is, enjoy the ride,” he said. “No regrets.”
This month marks ten years since the collapse of Lehman Brothers, which in many ways is synonymous with the global financial crisis and the consequent loss of 6million jobs in the US, collapse of the housing market and consequences further afield such as the Euro-zone crisis and the bail-out of many key financial institutions.