Fayez Shalaby Sarofim (Coptic: ϥⲁⲉⲍ ⲥⲉⲣⲁⲫⲓⲙ, Egyptian Arabic: فايز صاروفيم; 1929 – 27 May 2022) was an Egyptian Coptic-American heir to the Sarofim family fortune, a fund manager for three Dreyfus family stock funds,[1] the largest shareholder of Kinder Morgan (NYSE: KMI) and part owner of the NFL team Houston Texans.[2]
Fayez Sarofim | |
|---|---|
| Born | 1929 |
| Died | 27 May 2022 (aged 93) Houston, Texas, US |
| Nationality | American |
| Alma mater | University of California, Berkeley Harvard Business School |
| Known for | Founding Fayez Sarofim and Co. |
| Spouse(s) | Louisa Stude (divorced) Linda Hicks (divorced) Susan Krohn |
| Children | 6, including Christopher Sarofim and Phillip Sarofim |
Sarofim had an estimated net worth of $1.6 billion in May 2022.[3] His investment firm oversaw over $30 billion in assets. According to Tim Fernholz, Sarofim's estate made a $7,000,000,000 estate-tax payment[4] to the US government on his death.
Early life
editFayez Shalaby Sarofim was born in 1929 in Cairo to Shalaby and Mary Simaika Sarofim as the second of three children.[5] His family belonged to the old nobility of Egypt. As the son of an Egyptian aristocrat and agricultural magnate, Sarofim spent his early life as a member of Egypt's political and wealthy elite in modern Heliopolis. Holding the title of a Bey (or Chieftain), Sarofim's father also owned large, feudal cotton estates throughout North Africa. Upon his father's death, Sarofim inherited a portion of his fortune.
He attended Victoria College in Alexandria and the English School in Cairo.[6] He emigrated to the United States in 1946, where became a naturalized American citizen in 1961.
After earning degrees from the University of California, Berkeley and the Harvard Business School, Sarofim took a job with cotton company Anderson, Clayton and Company in Houston.[7]
Career
editIn August 1958, he founded Fayez Sarofim & Company, a Houston investment firm. In 1997, he was inducted into the Texas Business Hall of Fame.[8] Sarofim is ranked third on the most influential Egyptian Americans. The Sarofim family is recorded in Burke's Peerage and the Imperial and Asiatic Quarterly Review and Oriental and Colonial Record'.[citation needed]
Philanthropy and political donations
editSarofim was a contributor to the Houston Ballet and the Museum of Fine Arts, Houston, a favorite of his daughter Allison. He provided support to Memorial Sloan–Kettering Cancer Center, the Texas Children’s Hospital and the University of Texas Health Science Center at Houston for construction of the $120 million Fayez S. Sarofim Research Building. Sarofim also made financial gifts to the Houston Grand Opera, the Houston Symphony, the Hobby Center for the Performing Arts—creating the 2600 seat Sarofim Hall there, designed for touring Broadway musicals— along with the Alley Theatre, and the Los Angeles Opera.[citation needed] A future Susan and Fayez Sarofim Hall is planned for the Rice University campus in Houston.[9]
Sarofim was a major supporter of Jeb Bush's 2016 presidential candidacy.[10]
Personal life
editSarofim was married three times. In 1962, he married Louisa Stude, adopted daughter of Herman Brown, founder of Brown and Root;[7] they had two children: Christopher Sarofim and Allison Sarofim.[7]
In 1984, he had a son, Andrew Sarofim, with Linda Hicks, a former employee at his company. In 1986, they had a second son, Phillip, and in 1989, another son Maxwell was born. In 1990, he divorced his first wife, who received a $250 million divorce settlement.[7] In 1990, he married Hicks[7] In 1996, they divorced, with Hicks' receiving a $12 million settlement.[7] Hicks later died while climbing Mount Kilimanjaro.[7] Maxwell died in 2015.[11]
In December 2014, Sarofim married Susan Krohn, the ex-wife of fellow billionaire Tracy Krohn, and the mother of Lori Krohn, the former wife of Sarofim's son Phillip.[12]
Fayez Sarofim died on 27 May 2022.[13]
References
edit- ^ Fabrikant, Geraldine (29 August 1999). "Talking Money with Donald Sultan and Fayez Sarofim: A Portrait Of the Artist As an Investor". The New York Times. p. C1. ISSN 0362-4331. Retrieved 8 June 2024.
- ^ Ganguli, Tania (18 March 2015). "Houston Texans ownership at a glance". ESPN. Retrieved 28 May 2022.
- ^ "Fayez Sarofim". Forbes. Retrieved 29 May 2022.
- ^ Fernholz, Tim. "Who died and left the US $7 billion?". Sherwood. Retrieved 9 October 2024.
- ^ Helman, Christopher (29 May 2022). "Houston Billionaire Fayez Sarofim Dies At 93. 'The Sphinx' Made A Fortune Betting On America's Blue Chip Entrepreneurs". Forbes. Retrieved 8 June 2024.
- ^ "Our Founder". Sarofim & Co. Retrieved 8 June 2024.
- ^ a b c d e f g Texas Monthly: "Can’t Buy Me Love" by Skip Hollandsworth October 2000
- ^ "Texas Business Hall of Fame Inductees". Texas Business Hall of Fame. Retrieved 8 June 2024.
- ^ "Susan and Fayez Sarofim Hall". Rice University.
- ^ O'Keefe, Ed (24 March 2015). "George H.W. Bush, Barbara Bush to Attend Houston Fundraiser for Jeb Bush". Washington Post. Retrieved 15 October 2015.
- ^ Schneider, Frannie, ed. (Spring 2016). "In Memoriam" (PDF). St. Edward's University Magazine. 16 (2): 35.
- ^ Houston Culture: "Houston billionaire weds son's mother-in-law at his Hawaii retreat with lavish New Year luau" By Shelby Hodge 15 January 2015
- ^ Houston billionaire philanthropist Fayez Sarofim reportedly dies at 93