Scott Minerd, CIO of Guggenheim Partners, unexpectedly dies

Yahoo Finance Live anchors discuss reports about Scott Minerd, Guggenheim Partners CIO, passing away.

Video Transcript

[AUDIO LOGO]

JULIE HYMAN Unfortunately, we have some very sad news for today. Scott Minerd, Guggenheim Partners CIO died unexpectedly yesterday afternoon. This statement was issued by the firm. Shortly after the company was founded, he joined Guggenheim to become a managing partner. He was Guggenheim’s global chief investment officer for many decades. He was a generous donor to charities.

Scott survived by Eloy Mendelssez, his spouse. Scott was also an unusual man for being openly gay in an industry that is not very common. He was also the head of a large investment company. Scott was my guest at many charitable functions, and I have spoken to him many times. I was also able to witness him in that role. This is a significant, major loss for the sector. According to the company, he had a cardiac arrest while working out.

BRIAN SOZZI And you were, because you know him better that I did. Always generous with his knowledge and excellent at explaining the markets to people. His presence will be greatly missed.

JULIE HYMAN Yes, indeed.

BRAD SMITH This morning, the firm released a statement as well. As you pointed out, he was a frequent commentator. He was generous with his time and spoke both on television and via social media about his investments. On the 16th of Dec, he appeared on a podcast or an audio–particularly audio kind of commentary front. He gave even more of his insight.

So people who are kind and generous with their time and offer that kind of insight into investments, I think they’re extremely valuable to Wall Street when we have the chance to get some of their time. He was also one of these figures.

JULIE HYMAN Yes, it was a huge loss for both the industry and us. We’ll be back.