Federated Investors co-founder Richard B. Fisher died Tuesday of congestive heart failure, spokesman Ed Costello confirmed. He was 95.
In 1951, Mr. Fisher left his job as a salesman at a Cadillac dealership to join his high school friend John F. Donahue in selling mutual funds. The two co-founded Federated Investors in 1955, with Thomas J. Donnelly serving as outside counsel. Mr. Donahue passed away in 2017 and Mr. Donnelly, in 2011.
In the 1970s, Mr. Fisher led the sales strategy for Federated's Fund for U.S. Government Securities, which invested exclusively in government bonds. In 1986, he oversaw the campaign for sales of the Government Income Securities Fund, the first in what would become Federated's Fortress family of funds.
In addition to co-founding Federated Investors, Mr. Fisher served as chairman of Federated Securities Corp. and vice chairman of Federated Investors until his death.
"Dick always put his heart into all that he did, with passion, dedication to quality and sensitivity to the shareholder's income," said J. Christopher Donahue, president and CEO of Federated, in a news release. "We're indebted to him for his charismatic nature and generosity."
Mr. Fisher was preceded in death by his wife of 67 years, Barbara; his older sister, Patricia; younger half-sister, Anne; and half-brother, George.
He is survived by his younger brother, Robert; his seven children, 18 grandchildren and seven great-grandchildren.
Visitation will be from 2 to 4 p.m. and 6 to 8 p.m. EDT Friday at John A. Freyvogel Sons at 4900 Centre Ave., Pittsburgh.
The funeral Mass will be at 10 a.m. EDT Saturday at St. Paul Cathedral in Pittsburgh. Interment at Calvary Cemetery will be private. In lieu of flowers, contributions may be sent to the Little Sisters of the Poor.