A man with a multitude of interests and causes, Mr. Driehaus made a significant impact in both business and charity. Funding of economic opportunity initiatives is focused primarily on programs to benefit people living in poverty. Mr. Driehaus also conveyed his gratitude to other educational institutions and religious orders focused on education, such as Holy Trinity High School, Cristo Rey Jesuit High School, St. Bedes Grammar School, as well as Loyolas St. Joseph Seminary, Christ the King College Preparatory School and the University of the Virgin Islands. He had established the Driehaus Community Development Fund with CFVI in 2002, and over the course of the next almost 20 years he made donations in excess of $1.8 million to support a broad range of projects and initiatives in the territory, which included the restoration of the Franklin D. Roosevelt Park in 2006 as a cultural asset in the St. Thomas historic district. Chicago Architecture Foundation Man of Vision Award, Midwest Eye-Banks, 2003 In addition to reading, writing, and arithmetic, he says, they taught me three thingsyou have to continue to learn your whole life, you have to be responsible for your own actions, and you have to give something back to society.. This is in gratitude of those who gave him opportunities to prove himself throughout his career. He was involved in a plan for economic revitalization of Charlotte Amalie, the historic downtown and waterfront of St. Thomas. I hear it all the time from people involved in planning parties or charitable events, says the author and socialite Sugar Rautbord. Other laureates have included Andres Duany and Elizabeth Plater-Zyberk (2008), the husband-and-wife team behind the new urbanist Seaside, FL, plan; Quinlan Terry (2005), the English architect behind, among many other works, the Maitland Robinson Library at Downing College, Cambridge; and Ong-ard Satrabhandhu (2020), a Thai architect known for blending Eastern and Western traditional architectural forms. Distinguished Philanthropist Award, Association of Fundraising Professionals, 2009 Beyond millions in major grants to Catholic charities and organizations, his passion for historical preservation intersected with his faith on more than one occasion. Sir John Soanes Museum Foundation, SCHOOLS Mr. Driehaus earned a bachelors degree and an MBA from DePaul University, where he endowed a center for behavioral finance. He told a City Club of Chicago audience in 2016, In New York, Im just another successful guy. Millennium Park, Inc. James Panero. Alanna Gallagher. Friends of the Windows A savvy businessman, who as a teenager began his investment education after losing $1,000 in the stock market he earned from a paper route, according to a Chicago Sun-Times article. Become a Member today for a growing stake in the conservative movement. Driehaus was married briefly in his early 50s, long enough to father two daughters. CHICAGO - OCTOBER 11: Tereza Driehaus, Ivanka Trump, Kristyna Pellouchoud Driehaus and Caroline Driehaus attends the launch of Ivanka Trump Fine Jewelry with Marshall Pierce & Company at Trump International Hotel & Tower on October 11, 2010 in Chicago, Illinois. Buildings were looking like bland shoeboxes. His path and personal story were larger than life, and the impact he made as an investor is perhaps only rivaled by the extensive legacy he left as a philanthropist. The Chicago Sun-Times said Driehaus died Tuesday at Northwestern Memorial Hospital after suffering a cerebral hemorrhage the night before at his home. The Wall Street Journal He expanded into private equity later. The philanthropist and founder of Chicago-based Richard Driehaus Capital Management suffered a brain hemorrhage on March 9 and died at age 78. His 2019 version with a James Bond theme and an appearance by Diana Ross was a particular hit. In 2006, Driehaus Capital Managementpulled up stakesin the V.I. After many years of experience, he founded his own investment firm, Driehaus Capital Management, in 1982. SpaceX's giant new rocket exploded minutes after blasting off on its first test flight and crashed into the Gulf of Mexico. From modest beginnings to being named by Barrons as one of the 25 most influential individuals within the mutual fund industry over the past 100 years, he never forgot his roots. The inaugural recipient of the award was Lon Krier, the renowned architect, advocate of traditional urbanism, and designer of Charles, Prince of Waless model town, Poundbury. His support enabled the Trust to also create and expand educational programs in the schools to teach children about the history and cultural heritage of the island. An odd thing happened when he was 13, howeverodd, at least, by the standards of a teenagerwhen he suddenly became obsessed with the stock market. Become a member and enjoy the very best from The American Conservative in print & digital. Support of the St. Croix Landmark Society has assisted with a summer camp for economically disadvantaged children on Whim, the historic sugar plantation it operates. His annual summer birthday parties there, complete with fireworks and a guest list topping 1,000 people, were legendary. Having grown up in the Catholic faith, with Christian values, he appreciated the significance of a Catholic education. The Art Institute of Chicago Ambassador Award, Chicago Dramatists, 2013 (He declined to disclose what he paid for the house, and county records do not list a price. A legend as an investor and donor, Richard Driehaus dies at 78 Starting on the South Side, he saved, mastered the stock market, and backed causes that ranged from excellence in architecture and fashion to education and good government. In backing such efforts, he has at times courted controversy with his open dislike of modernism and his championing of the lively neoclassicism of the late 19th and early 20th centuries. This is when he purchased his first shares of stock using money saved from his paper route. Ferreras, his neighbor for 20 years, added she joyfully reaped the benefits of the twice-nightly waterfall and hologram display presented solely for the entertainment of departing cruise ship passengers and nighttime kayak tours in the harbor. He is an expert in value investing, a style of investing that focuses on finding undervalued stocks. 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Driehaus Charitable Lead Trust, in collaboration with INTBAU, established a competition to recover the forgotten architectural heritage of Spanish towns. In 1982 he formed Driehaus Capital Management LLC, aninvestment advisory firm widely known for expertise in growth-oriented equity and alternative investment strategies. Driehaus has one of the largest collections of Tiffany objects in the country, if not the worlddozens of rare windows, lamps, chandeliers, and tabletop pieces. In particular, he cherished his collection of decorative art objects from the late 19th and early 20th centuries. He ended up owning several, including a Lake Geneva estate that became another preservation project. In 2012, also working with the University of Notre Dame, he established the Rafael Manzano Martos Award for Classic Architecture and Restoration of Monuments. He requested that a hospitality curriculum be established for students to learn restaurant management, service industry skills and bottom line financial responsibility. In 2017, Mr. Driehaus gave a speech for the CFA Institute. In the city that gave rise to Frank Lloyd Wright and a second life to Bauhaus expat Ludwig Mies van der Rohe, Driehaus aimed to recover the beauty of 19th-century Chicago from the modernists and bring more traditional styles of architecture to the forefront. degree in 1965. Contributions to the St. Croix Foundation focus on restoration as a tool for economic revitalization. His Lake Geneva estate, for example, features a deluxe playground in the form of a carefully detailed child-size village, complete with houses, stores, and a working soda fountain. The hall is flanked on both sides by a series of magnificent rooms that have been flawlessly restored to their original elegance. Mr. Driehaus founded Driehaus Capital Management LLC in 1982. The Cubs depth in the upper levels of their farm system is strong on the hitting side but taking blows on the pitching side. The Driehaus Prize started out as a little adventure when an old friend suggested I visit the University of Notre Dame, the Chicago philanthropist recalled, I was astounded to learn that yours was the only college teaching classical architecture in the country. The work of traditional architects and urbanists ought to be rewarded, uplifted, and celebrated, Driehaus thought, as only then could the winds in the architectural profession begin to shift. It was used for ongoing support to enhance the work of nonprofit organizations in the territory. In a life devoted to preservation, his business initiativesin Chicago and around the world, like the museum he founded, occupy space in historic buildings that he acquired and carefully restored. The ideas keep getting bigger and better. At his birthday party last summer, Driehaus concluded his remarks by quoting two 19th-century eminences who, collectively, sum up his approach to the art and business of historic preservation. The speech is titled "Darwin, the Markets, and Me: The Power of Direct Observation". In addition to the 36-acre Lake Geneva estate (and the Nickerson, Cable, and century-old houses), he owns a beautifully renovated Gold Coast mansion that serves as his primary residence and houses in Nantucket and St. Thomas. After graduating from DePaul University with an MBA, he became a research analyst and stock picker for firms such as Rothschild & Company, A. G. Becker, and Jesup & Lamont before going out on his own. The Chicago philanthropist would later point to the Queen Anne that never was as one catalyst for his preoccupation with the built environment. A way of learning about the world. Through his philanthropic generosity, he became one of the nations leading patrons and outspoken supporters of classical architecture, traditional urbanism, and historical preservationleaving an indelible mark not just on Chicagos built environment, but the international architectural community. Institute of Classical Architecture and Classical American Art Submitted by Driehaus Capital Management 25 @ 25, Arts & Business Council of Chicago, 2010 This fall, he takes his commitment further by opening a museum of decorative arts in a phenomenally lavish 19th-century mansion on the Near North Side. While the Pritzker tends to honor avant-gardists such as Frank Gehry and Rem Koolhaas, the Driehaus goes to architects such as the Washington, D.C.-based Allan Greenberg and the London-based Lon Krier. Subscribe for free today! Somebody has to stand up for the classical buildings., I have enormous respect and admiration for the way Richard has put his money where his mouth is in terms of trying to uplift design, says Blair Kamin, the Chicago Tribunes Pulitzer Prize-winning architecture critic. Unlike many news organizations, we haven't put up a paywall we want to keep our journalism as accessible as we can. Driehaus meanwhile is working on harvesting its investments. Norman H. Stone Award, Emergency Fund, 2010 At times, you have to hold him back.. Richard H. Driehaus was named to Barron's "All-Century" Team of 25 individuals identified as the most influential within the mutual fund industry over the past 100 years. Anchored below was a replica of a pirate ship that he enjoyed personally, but quietly donated in 2015 to fulfillthe wish of a 7-year-old boywith a life-threatening disease whose dream to be a pirate was fulfilled by the local Make-a-Wish foundation. For all the hoopla, Mr. Driehaus cared not to be the center of attention, but to entertain others and to maintain close connection to his three daughters, Boufis said. It is with deep sadness that we share the unexpected passing of Richard H. Driehaus of natural causes on March 9, 2021 at the age of 78. Richard Driehaus knew what he liked in stocks, classical architecture, the performing arts, parties and old cars. In 2002, he donated to the university to endow a chair and establish an innovative center in behavioral finance. So, it was with deep sadness that Driehaus Capital Management announced on March 10, 2021, the unexpected death of Richard Driehaus, its founder. Numerous articlesin stateside newspapers speak of his legendary themed birthday parties, the last one featuring Diana Ross. Acanthus Award of Appreciation, ICAA Midwest Chapter, 2015 It also included a grant in 2008 to the hospital, along with other donors,to support trauma care. Hes one of a handful of people in town where if they decide to support something, it automatically becomes a major event., Rautbord, who has observed more than a few moguls in action, says that Driehaus typifies the breed in that he creates his own universe. Its part of our past and how we evolved as human beings and as a civilization. Despite their differences, Pope Francis and Viktor Orban are the only European heads of state trying to end the RussiaUkraine war. Richard H. Driehaus earned an M.B.A. from DePaul University after earning his B.S.C. For all his success in Wall Street, Mr. Driehaus cherished the outlook and friendships Chicago bestowed. Its my gift to the city, Driehaus says. Preservation Society of Newport County His brilliance, passion, humor, genuine heart, and pursuit of excellence will always be a guiding light in the galleries along with the voices of all the talented people who built and beautified the Nickerson Mansion. Weve taken the lead in trying to organize it, and the board approved a $50,000 grant, says Fischer. Today, it manages $13.2 billion through its mutual funds and other accounts. Since 1999 the Virgin Islands Source the only online newspaper of general circulation in the U.S. Virgin Islands has been providing the community with reliable, accurate and balanced local journalism. Friends of Lincoln Park He was 78. In addition to his daughters, Tereza, Caroline and Kate, survivors include two sisters, said Stasi Radaios, administrative assistant at the private equity firm. He had a whimsical side. Local Initiatives Support Corporation Neighborhood Housing Services of Chicago, INTERNATIONAL When most financiers and investment moguls gravitated to sterile steel and glass skyscrapers, Driehaus moved much of his financial firms offices into the 1886 Ransom Cable mansion, a Richardsonian Romanesque-style home. St. Ignatius College Prep He founded Driehaus Capital Management in 1982. (Driehaus would also cite it as the reason for his purchase of a Queen Anne rowhouse in the Gold Coast neighborhood, his residence of many years.) He was the founder, chief investment officer, and chairman of Driehaus Capital Management LLC, based in Chicago. Richard H. Driehaus, founder and chairman of money manager Driehaus Capital Management and longtime philanthropist, died Tuesday at age 78. Recent winners of the award range from Frank Lloyd Wrights Unity Temple (also newly added to the UNESCO World Heritage List) to the Richardson Olmsted Campus in Buffalo, NY. In 1883, he commissioned the architectural firm of Burling & Whitehouse to design a house commensurate with his position and also to display his extensive art collection. Richard H. Driehaus Founded Driehaus Capital Management LLC. Every conversation is about something hes passionate about, whether its business, restoring historic architecture, 19th-century art, or any of the charities he supports.. Richard H. Driehaus made his first philanthropic gesture in 1983, when he established the Richard H. Driehaus Foundation. An example is the recent brouhaha over Promontory Point, the Alfred Caldwell-designed lakefront landscape in Hyde Park. Richard Driehaus, the founder of Chicago's Driehaus Capital Management and namesake of the Driehaus Museum and DePaul University's Business School, died Tuesday, according to Driehaus Private Equity. (66 x 58.4 cm) Shade: Diam. Honorary Member, The Cliff Dwellers, 2018 In a room dripping with Tiffany chandeliers and glistening with marble statuary, young traders stare intently at their screens, monitoring the minute fluctuations in the worlds financial markets. The Chicago businessman who owned the Driehaus Estate in Lake Geneva earning the fortune he made and he knew how to enjoy it by celebrating extravagantly, preserving history and giving back to the community. Frank Schulterbrandt, EDC director at the time of the Treasury debacle, told the Source that despite his company being an EDC tax beneficiary, Driehaus, paid hissizable personal income taxesin the territory. Now he is taking his commitment a step further with the Richard H. Driehaus Museum of Decorative Arts, a new institution housed in what has been called the most expensive residence ever built in Chicago. Its my gift to the city, says Driehaus, pictured in the second-floor hallway of the 1883 Nickerson mansion. This underscored his appreciation of architecture that denotes place by reaching back to historic precedents. But in Chicago, you can because its big enough and its small enough and people actually get along enough a line that drew cheers. I used to help him on his paper route, and he would talk about the different houseswhat he liked about this window or that style of brickwork.. Even in its day, he says, the Nickerson house was regarded as something special.. Horatio Alger Award, Horatio Alger Association, 2013 He was a vibrant, world-changing force. . Its the third midsize bank to fail in two months. While the Pritzker Prize has had a strong tendency over the decades to reward modernist architectsfrom Frank Gehry to Gottfried Bhm (among other works, architect of the ghastly, brutalist Mary Queen of Peace church in the Diocese of Cologne, Germany) and Tadao Ando (designer of the formless Church of the Light)the Driehaus Prize looked to reward more traditionally minded architects. He supported the St. Thomas Historical Trust in its creation of a preservation plan for Hassel Island in the St. Thomas harbor in partnership with the National Park of the Virgin Islands. Design competitions for a: memorial to Daniel Burnham, new hospital for Childrens Memorial, campus center building at the Illinois Institute of Technology, and Friends of the Rivers 25th anniversary design charrette. He was born Richard Stephen Dreyfus in Brooklyn, New York, to Geraldine (Robbins), an activist, and Norman Dreyfus, a restaurateur and attorney. 2020 Chicago magazine / A Chicago Tribune Media Group website. Let him do with it what he wants.. Lifetime Achievement Award, American Institute of Architects, Chicago, 2015 Theres moneybut no feeling or spirit or soul. Like investing, it requires strategic thinking, judgment for innovation and tolerance of risk. I believe architecture should be of human scale, representational form, and individual expression that reflects a communitys architectural heritage . There is a delight, proportion, and harmony in classical architecture that I wasnt finding in the contemporary buildings coming up around me in Chicago. He was a humble humanitarian who embraced the Virgin Islands., Joyful was the word Baecher-Brown also used to describe the man who, she added, had a laugh that filled the room. Working with him over the years through CFVI, she found him to be unpretentious., He would often be seen walking downtown among the tourists and locals with his daughters, in tow, she said, just like a normal person., I invited him to our house one night for dinner, and he came, she said, noting her surprise at his acceptance We served chicken, she said laughing, and he got up and got his own water., He was an example of people who love the Virgin Islands, and whose contributions uplifted us., She said in a phone interview Saturday morning she was experiencing a very personal sadness.. and M.B.A. from DePaul University (in 1965 and 1970 respectively). The site was several blocks west of what is now Michigan Avenue in a section of the city then known as McCormickville, so named because a number of the members of the McCormick family also lived in the area. Former Los Angeles Mayor Richard Riordan has died at age 92. Eager to help students at St. Xavier University learn about the service industry and running businesses, he donated to the school a Mount Greenwood pub, Gilhooleys, along with the shopping plaza containing it. He funded scholarships for international MBA students and a virtual stock portfolio contest for DePaul finance students. The stocks tanked, teaching him about the market and the wisdom of financial columnists. In the field of fashion, Mr. Driehaus also made his mark. In the late 1990s, he sponsored an international competition for IIT that resulted in the new Rem Koolhaasdesigned student center. There are modern buildings on all sides of us, he says, and you never see anyone getting their picture taken in front of those., The Cable, which Driehaus bought in 1987, became his first historic restoration project. The family, while not poor, never had much disposable income. Its not about any one object. Chicago Sun-Times Its a method that is fairly common in Europe for cleaning sculpture, but Im not aware that it has ever been used to clean an entire building, says the architect Joseph Antunovich, who oversaw the restoration. To learn more about Richard H. Driehaus, viewThe Man and His Museum: Making a Masterpiece below: On March 26, 2021, the University of Notre Dame School of Architecture presented We are very focused on issues like sustainability and the environment. Foresight Design Initiative In 2007, Driehaus opened the Richard H. Driehaus Museum of Decorative Arts to the public. He was also highlighted alongside legendary investors Warren Buffett, Sir John Templeton and Ben Graham in the book: The Worlds 99 Greatest Investors by Magnus Angenfelt. From Old Town School of Folk Music to the Sherwood Conservatory of Music. He funded several landscape design and beautification efforts, including a design competition for the garden at Chicagos Millennium Park, restoration of the Alfred Caldwell Lily Pool in Chicagos Lincoln Park, restoration and programs of the Garfield Park Conservatory, as well as support of the Adopt-A-River program, the Michigan Avenue Bridgehouse and Chicago River Museum. He was a larger-than-life figure whose magnetic personality was matched only by his enormous generosity. He never got old in his strategy, Boufis said. Its one of the grandest 19th-century houses in the country, says Kirby Talley, the Amsterdam-based curator and author whom Driehaus hired in the fall of 2003 to oversee the restoration. Follow New Urbs on Twitter for a feed dedicated to TACs coverage of cities, urbanism, and place. Photograph by Michael Tropea, 2018. Closer to his Virgin Islands home, he fed his penchant for the Wizard of Oz and love of pirate tales with a twice nightly display of colored lights through a waterfall on his property overlooking Charlotte Amalie harbor complete with a hologram of the wizard and accompanied by the 1812 Overture, which ran until the 2017 hurricanes.
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