SUMMIT, N.J. -- Harvey Edward Mole, who left Wall Street in 1950 to start the internal investment management operation at the U.S. Steel and Carnegie Pension Fund, died Dec. 17. He was 91.
At the pension fund Mr. Mole acted quickly. In his first year in charge, he took the fund heavily into equity investments, a radical allocation in those days when pension funds typically invested only in bonds and insurance contracts. He made the fund's first investments in Japanese equities in 1962, again an innovative move. Also under him, the fund was an early investor in private equity and real estate.
"He was a successful and innovative investor, investing in a way that became widely accepted 20 years later but was unusual at the time," said Gary A. Glynn, president of the fund, which continues to manage the pension assets of USX Corp., now at $12 billion. "He was really a pension pioneer in this country."
Mr. Mole was president of the fund from 1950 until 1973 when he retired, although he continued as a consultant to the fund for some years afterward.
"He built this in-house operation," Mr. Glynn said. "The same basic structure he set up -- low cost, efficient -- is still the way we do it."
Mr. Mole was 42 years old when he was hired as president. He was hired when the chief financial officer of U.S. Steel consulted a friend at Lazard Freres & Co. who knew Mr. Mole, then a portfolio manager and banking and insurance analyst at the Bank of New York.
The U.S. Steel and Carnegie Pension Fund created the internal investment operation the same year the United Steelworkers union obtained the right to make pensions part of their contract negotiations.
He also had been a director of General Reinsurance Corp. and Provident Life and Accident Insurance Co.; chairman of two mutual funds; a trustee of Corporate Property Investors; and a trustee of Princeton University.
Mr. Mole was born in Paris. A graduate of Princeton and Harvard University Business School, he lived most of his life in Summit.
He is survived by three children.
His funeral was Dec. 21 at Calvary Episcopal Church in Summit.
The family suggests contributions to Princeton.