Investment and advisory firm Guggenheim Partners said on Thursday its global chief investment officer, Scott Minerd, had died after a heart attack on Wednesday.
Minerd suffered a heart attack during his regular workout, the company said in a statement.
During his 25-year stint with Guggenheim, Minerd, who was 63 years old, emerged to be a prolific commentator on financial markets and was often quoted by the media. He also held the role of managing partner at Guggenheim.
"Scott was a key innovator and thought leader who was instrumental in building Guggenheim Investments into the global business it is today. He will be greatly missed by all," Mark Walter, CEO and a founder of Guggenheim Partners was quoted as saying in Guggenheim's statement.
As CIO at Guggenheim, a firm which manages assets worth over $285 billion, Minerd led investment strategies and oversaw client accounts across fixed-income and equity securities.
Prior to joining Guggenheim, Minerd held fixed income trading and risk management roles at financial firms including Credit Suisse First Boston and Morgan Stanley, according to his LinkedIn profile.
He was a member of the Federal Reserve Bank of New York's Investor Advisory Committee on Financial Markets, a forum for discussions on financial, economic and public policy issues.
Billionaire investor William Ackman said on Twitter: "I am deeply saddened to hear about URL's death. He was a brilliant man whom I got to know in the last five or so years. He was an old fashioned handshake businessman whose word was his bond. He was also a lot of fun."
Guggenheim said it had implemented a succession plan, with Anne Walsh, managing partner and CIO of Guggenheim Partners Investment Management, assuming many of Minerd's responsibilities on an interim basis.
"Wall Street will mourn the passing of Scott Minerd. He was one of the architects of an independent investment firm that achieved global scale," said Jason Benowitz, senior portfolio manager at the Roosevelt Investment Group.