Martin E. Segal, founder and chairman emeritus of The Segal Co., a provider of investment, actuarial and other consulting services on employee benefit plans worldwide, died Sunday at his home in Manhattan. He was 96.
In 1939, Mr. Segal formed the company as Martin E. Segal Co. in New York.
He was Segal president from 1939 to 1967 and chairman from 1967 to 1991, when he became chairman emeritus and consultant, and the company's name was shortened to The Segal Co.
In 1967, the company was sold to what was then Wertheim and Co., an investment banking firm, which owned Wertheim Asset Management Services. In 1978, a group of Segal employees purchased Segal from Wertheim, according to a Segal Co. statement.
Segal employees now are the sole stockholders of Segal Co.
Mr. Segal was a partner of Wertheim from 1967 to 1982, its president from 1972 to 1975 as well as chairman of Wertheim Asset Management from 1975 to 1982, the statement said.
In 1969, Segal Advisors was founded as the SEC-registered investment consulting unit of Segal Co., the statement said.
Earlier this year, Segal Advisors acquired Rogerscasey, a global investment consulting firm.
In 2010, Segal Co. acquired Aon Consulting's U.S. multiemployer defined benefit plan and related consulting business, whose clients included about 60 defined benefit plans.
In 2006, Segal Co. acquired Irwin Tepper Associates, a consulting firm that specialized in asset-and-liability analysis for employee benefit programs, endowments, foundations and other organizations.
Mr. Segal, born in Russia in 1916, was a leader in cultural, educational, health care and civic affairs.
Since 1986, he has been chairman emeritus of the Lincoln Center for the Performing Arts. He was its vice chairman from 1978 to 1981 and chairman, 1981 to 1986.
Among his other activities, he has been since 2003 a member of the board of advisors of Harvard University School of Public Health's Center for Health Communication Mentoring Program.
“A private family-only funeral service is planned,” said Mary L. Feldman, Segal senior vice president, director of public affairs.
A memorial service is planned for September in Lincoln Center, she said, adding details are expected to be released by Tuesday.