As a child, Laura Dederick thought her father was "a doctor of sick money." She, however, was sure she would be a doctor of people -- like her mother.
Rachel Minard always knew her father "did that thing with money," but she pursued a career as a photojournalist.
Yet both women ultimately followed their fathers into financial services.
Add Vanguard Group's John Bogle and Fidelity Investments' Ned Johnson to the list, and it's clear Laura Dederick's and Rachel Minard's fathers -- Robert Dederick and Frank Minard -- are in good company. They're among the dozens of parents who influenced their kids' decisions to work in the money management industry.
Laura Dederick Alter, ultimately lured by the financial world, now is a senior partner and portfolio manager at Harris Investment Management Inc., Chicago. Mr. Dederick, meanwhile, is an economic consultant to Northern Trust Co., a few blocks away.
In the Dedericks' case, the genes are likely to be passed on to the grandchildren. "I wouldn't be surprised if any one winds up in economics or finance, given the family background," Mr. Dederick said.
Although Mr. Dederick believes his father, a country veterinarian with an interest in stocks, started the family down the finance road, Ms. Dederick Alter credits her father.
"He has a William F. Butler award in economics (an accolade presented annually by the New York Association of Business Economists). He's also one hell of a babysitter," she said.
Rachel Minard found she had two mentors -- her father and her stepmother.
Her father is Frank Minard, head of global marketing and client service at Morgan Stanley Dean Witter & Co. in New York. Her stepmom is Lynne Minard, head of global marketing at Pareto Partners, New York.
Mr. Minard expects they will be swapping war stories this year with his daughter, who just joined J.P. Morgan Investment Management Inc. in San Francisco as a consultant relations representative for the West Coast.
"I'm very excited of course, thinking of my daughter entering an industry I think is so fabulous," he said.
This is his daughter's first official job in the business, although she has spent time working with Mrs. Minard at Pareto Partners in a consulting capacity. Her father, she said, is "more surprised than I am that I'm in this business."
For Andrew Reitenbach, a small-cap equity manager/analyst at Pinnacle Associates Ltd., New York, "Wall Street became a default for my career."
His father, Nicholas, is president of Pinnacle as well as a portfolio manager like his son.
One of Andrew's earliest memories is sitting on his father's lap while he watched "Wall Street Week in Review." He remembers his father jotting down the names of stocks, something he would begin to learn about in his pre-teen years when his father paid him $5 to chart stocks.
Nicholas Reitenbach said he always knew that his son would someday join the firm. He said the working relationship is "one where Andrew is a member of the team."
Migrating to the business
Peter and George Bennett Jr. followed in their father's footsteps because he loved what he did.
George Sr. started his career at State Street Research & Management Co., Boston, in 1943, where he managed the State Street Research Investment Trust, a position his eldest son, Peter, inherited.
"Dad never promoted it (the business) to us . . . We just kind of migrated toward it," recalled George Jr.
"I've wondered if the success my brother and I have enjoyed is because of the morality and integrity he taught us," said Peter Bennett.
George Sr. not only taught, but also handed out degrees. Both sons received their Harvard Business School degrees from their father, who was treasurer of the university at the time. George Sr. is now retired and chairman emeritus of the State Street Research Investment Trust.
George Jr. is senior vice president and director of equity portfolio management for Boston-based MFS Institutional Advisors; Peter is chief investment officer-equities at State Street Research.
A trio of brothers
Although their father wanted them to stay away from the brokerage business, Kevin, Mark and Greg Sullivan found their way into financial services. Their late father was an institutional stock broker for Baker, Weeks & Co. in New York.
Kevin Sullivan, the eldest, is a vice president of marketing at Loomis, Sayles & Co. LP, New York, while younger brother Mark is a vice president, client services and marketing, at Chartwell Investment Partners, Berwyn, Pa. Brother Greg works at Bank of New York's capital markets division managing high-yield institutional bonds.
Kevin and Mark Sullivan keep close ties, with conferences being the common meeting ground.
"One time last year, we saw each other five times in five different cities in a 10-day period," Kevin Sullivan said.
They still get together for fun, too. Both participated in the New York City St. Patrick's Day Parade, marching with the New York City Police Benevolence Association, a client for each brother in the past.