Richard Herman Driehaus (; July 28, 1942 – March 9, 2021) was an American

fund manager Fund may refer to: * Funding is the act of providing resources, usually in form of money, or other values such as effort or time, for a project, a person, a business, or any other private or public institution ** The process of soliciting and gath ...

businessman A businessperson, businessman, or businesswoman is an individual who has founded, owns, or holds shares in (including as an angel investor) a private-sector company. A businessperson undertakes activities (commercial or industrial) for the ...

and philanthropist. He was the founder, chief investment officer, and chairman of Driehaus Capital Management LLC, based in Chicago. The philanthropic activities of the Richard H. Driehaus Foundation and the Charitable Trust are widely acknowledged in the fields of culture, arts, heritage protection, journalism and architecture, including the renowned global

Driehaus Architecture Prize The Driehaus Architecture Prize, fully named The Richard H. Driehaus Prize at the University of Notre Dame, is a global award to honor a major contributor in the field of contemporary traditional and classical architecture. The Driehaus Prize was ...

for new classical architecture. In 2000, he was named in ''

Barron's Barron's or Barrons may refer to: *Barron's Educational Series, a publisher of books, as well as college entrance exam preparation classes and materials, now an imprint of Kaplan Test Prep ** B.E.S. Publishing, the former owner of Barron's * ''Barr ...

'' "All-Century" team of the 25 individuals who have been the most influential within the mutual fund industry over the past 100 years. His firm had $13.2 billion in assets under management as of March 2021. He is often credited as the father of

momentum investing Momentum investing is a system of buying stocks or other securities that have had high returns over the past three to twelve months, and selling those that have had poor returns over the same period. While momentum investing is well-established as ...

, as he popularized the strategy which calls for spotting stocks on prolonged upward trends. This strategy reportedly delivered compound annual returns of 30% for Driehaus Capital Management in the 12 years after it was set up in the 1980s.

Life

Driehaus was born in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

. He attended high school at St. Ignatius College Prep and received his undergraduate (1965) and master's (1970) degrees in business from

DePaul University DePaul University is a private, Catholic research university in Chicago, Illinois. Founded by the Vincentians in 1898, the university takes its name from the 17th-century French priest Saint Vincent de Paul. In 1998, it became the largest Ca ...

. He also received an honorary doctorate degree from DePaul in 2002.Di Mento, Maria Dietlin, Lisa M. "Richard Driehaus", ''Transformational Philanthropy: Entrepreneurs and Nonprofits''. Jones & Bartlett, 2010, pp. 174-82;
Select pages archived through Google Books
books.google.com; accessed September 4, 2017. From 1968 through 1973, Driehaus developed research ideas for the institutional trading department at A.G. Becker & Co. In 1973, he became director of research for Mullaney, Wells & Co. In 1976, he became director of research and a money manager for Jesup & Lamont. In 1979, he set up Driehaus Securities, a research broker that provided ideas to a select group of accounts, followed by Driehaus Securities LLC in 1980. He founded Driehaus Capital Management LLC in 1982 and until his death was the current chief investment officer and chairman. He later founded Driehaus Mutual Funds in 1996, and Driehaus Capital Management (USVI) LLC in 1997.Malony, Tom
"The Greater Gloy Campaign: Richard Driehaus ’60 meets the campaign head on"
''St. Ignatius Magazine'', February 2005; retrieved September 21, 2015. Driehaus explained that "the momentum investor has confidence that a stock that is high can head even higher. We rarely invest in stock because it's cheap and hope for a turnaround." Driehaus died at age 78 on March 9, 2021, at

Northwestern Memorial Hospital Northwestern Memorial Hospital (NMH) is a nationally ranked academic medical center located on Northwestern University’s Chicago campus in Streeterville, Chicago, Illinois. It is the flagship campus for Northwestern Medicine and the primary ...

in Chicago. He had suffered a cerebral hemorrhage the night before at his home.

Awards

Driehaus was inducted as a laureate of

The Lincoln Academy of Illinois The Lincoln Academy of Illinois is a not-for-profit, non-partisan organization dedicated to recognizing contributions made by living Illinoisans. Named for Abraham Lincoln, the Academy administers the ''Order of Lincoln'', the highest award given ...

and awarded the

Order of Lincoln The Lincoln Academy of Illinois is a not-for-profit, non-partisan organization dedicated to recognizing contributions made by living Illinoisans. Named for Abraham Lincoln, the Academy administers the ''Order of Lincoln'', the highest award given ...

(the State’s highest honor) by the Governor of Illinois in 2017.

Philanthropy

Driehaus has given widely both individually and through the Richard H. Driehaus Foundation and the Richard H. Driehaus Charitable Trust. He contributed an equivalent of $92 million in 2000's dollars from 1984 until 1987 already; and his foundations kept donating ever since. He has said that his original plan was to give away only $100 million during his lifetime, but believed that he will end up parting with more than twice that amount.Bertagnoli, Lisa
"When giving crosses faith lines."
''Crain's Chicago Business'', May 19, 2012; retrieved September 21, 2015.

Driehaus Architecture Prize

The Richard H. Driehaus Prize for Classical Architecture (short: ''Driehaus Architecture Prize'') was established in 2003 and doubled to $200,000 in 2008. It is presented annually through the University of

Notre Dame School of Architecture The University of Notre Dame School of Architecture was the first Catholic university in America to offer a degree in architecture, beginning in 1898. The School offers undergraduate and post-graduate architecture programs. The School of Architect ...

to honor a major contributor in the field of

traditional A tradition is a belief or behavior (folk custom) passed down within a group or society with symbolic meaning or special significance with origins in the past. A component of cultural expressions and folklore, common examples include holidays or ...

and New Classical architecture. In his 2012 interview with architect and urbanist

Michael Lykoudis Michael Lykoudis is an architect, urban designer and consultant, known for his work as dean of the University of Notre Dame School of Architecture and a co-founder of the Driehaus Prize at the University of Notre Dame. He is a member of the Colle ...

, Driehaus gives his inspiration for establishing the prize: "I believe architecture should be of

human scale Human scale is the set of physical qualities, and quantities of information, characterizing the human body, its motor, sensory, or mental capabilities, and human social institutions. Science vs. human scale Many of the objects of scientific in ...

, representational form, and individual expression that reflects a community's architectural heritage. There is a delight, proportion, and harmony in classical architecture that I wasn’t finding in the contemporary buildings coming up around me in Chicago."Lykoudis, Michael
"ICAA Interview with Richard Driehaus."
''The Forum: The Newsletter of the Institute of Classical Architecture & Art.'' Spring/Summer 2012; retrieved September 21, 2015. The Driehaus Prize is often compared to the Pritzker Architecture Prize, which typically encourages

modern Modern may refer to: History * Modern history ** Early Modern period ** Late Modern period *** 18th century *** 19th century *** 20th century ** Contemporary history * Moderns, a faction of Freemasonry that existed in the 18th century Phil ...

design.Kamin, Blair
"Classical act Greenberg becomes first American to claim Driehaus Prize."
''Chicago Tribune'', January 20, 2006; retrieved September 22, 2015. “The prize ..represents a partial counterbalance to the rejection of classical forms by elite architecture that prevailed for much of the last century,” notes

James Panero James S. Panero (born December 15, 1975) is an American cultural critic and the executive editor of ''The New Criterion,'' a conservative culture journal. Early life Panero was born in New York City, and grew up on the Upper West Side of Manhatt ...

, an American culture critic. The Driehaus Prize is typically awarded around the same time, has similar terms, are both commemorated by a bronze award (the Pritzker is a medal and the Driehaus is a miniature

Choragic Monument of Lysicrates The Choragic Monument of Lysicrates near the Acropolis of Athens was erected by the ''choregos'' Lysicrates, a wealthy patron of musical performances in the Theater of Dionysus, to commemorate the prize in the dithyramb contest of the City Dio ...

), and, until 2008, both were the same monetary prize amount.Kamin, Blair
"Architecture prize honors tradition"
''Chicago Tribune, March 7, 2003; retrieved September 22, 2015. The first recipient of the Driehaus Prize was

Léon Krier Léon Krier CVO (born 7 April 1946) is a Luxembourgish architect, architectural theorist, and urban planner, a prominent critic of modernist architecture and advocate of New Classical architecture and New Urbanism. Krier combines an internat ...

, who helped lay the theoretical framework for

New Urbanism New Urbanism is an urban design movement which promotes environmentally friendly habits by creating walkable neighbourhoods containing a wide range of housing and job types. It arose in the United States in the early 1980s, and has gradually i ...

and designed the Prince of Wales' model town of Poundbury in England. The first American to win the prize was

Allan Greenberg Allan Greenberg (born September 1938) is an American architect and one of the leading classical architects of the twenty-first century, also known as New Classical Architecture. He was the originator and leading practitioner of "canonical c ...

in 2006, who redesigned the interior of more than 30 rooms of the U.S. Department of State. The award has been given to architects associated with postmodernism, such as

Michael Graves Michael Graves (July 9, 1934 – March 12, 2015) was an American architect, designer, and educator, as well as principal of Michael Graves and Associates and Michael Graves Design Group. He was a member of The New York Five and the Memphis Gr ...

(2012) and David M. Schwarz (2015).

Classical architecture

Driehaus received the 2015

American Institute of Architects The American Institute of Architects (AIA) is a professional organization for architects in the United States. Headquartered in Washington, D.C., the AIA offers education, government advocacy, community redevelopment, and public outreach to su ...

Lifetime Achievement Award for his contributions to architecture in Chicago and worldwide. The AIA noted his sponsorship of several design competitions which produced the IIT Campus Center, The Millennium Park Lurie Garden, and the Daniel Burnham Memorial, as well as the Richard H. Driehaus Prize for Classical Architecture. In 2012, Driehaus publicly opposed Frank Gehry's modernist design proposal for the

Dwight D. Eisenhower Memorial The Dwight D. Eisenhower Memorial is a United States presidential memorial in Washington, D.C. honoring Dwight D. Eisenhower, the Supreme Commander of the Allied Forces in Europe during World War II and the 34th President of the United States. ...

and funded a lobby group to block it.Bernstein, Fred A
"Newsmaker: Richard Driehaus"
''Architectural Record'', March 19, 2015; retrieved September 22, 2015. Driehaus said of the proposed memorial, "Architecturally, it didn’t speak to me. We want something more representational," but he has also criticized the closed selection process. Besides the Driehaus Museum, Driehaus' historic preservation projects include the Ransom Cable House (which hold the offices of his firm, Driehaus Capital Management) and the award-winning restoration of a 1905 Georgian Revival style house in Lake Geneva, Wisconsin. He was also involved in the National Trust for Historic Preservation, Landmarks Illinois, and the Wisconsin Trust for Historic Preservation.

Museum

The

Driehaus Museum The Richard H. Driehaus Museum is a museum located at 40 East Erie Street on the Near North Side in Chicago, Illinois, near the Magnificent Mile. The museum is housed within the historic Samuel M. Nickerson House, the 1883 residence of a wealthy ...

displays decorative arts of the Gilded Age and art nouveau eras in permanent and special exhibitions. It is housed in a historic Chicago landmark, the 1887 Samuel M. Nickerson Mansion. He described the museum as his "gift to the city."Sharoff, Robert
"A Classic Act"
''Chicago Magazine'', September 27, 2007; retrieved September 21, 2015. The museum is furnished with period furniture and decorative objects from Driehaus' collection to help visitors imagine how the Nickersons would have entertained and lived.Seminara, Dave
The Richard H. Driehaus Museum: Chicago's Downton Abbey
Gadling.com, March 12, 2013; retrieved September 21, 2019. After a glorious restoration, the house was opened to the public as the Richard H. Driehaus Museum, devoted to the decorative arts of the Gilded Age. Driehaus restored the sooty black exterior of the mansion to its original buff-colored sandstone facade with a two-inch laser over 18 months—the first building in the United States to be restored with such technology, although the practice has been fairly common in Europe over the past 30 years. In doing so, chemicals were avoided and the intricate details could be cleaned evenly. The Nickerson Mansion received the Chicago Landmark Awards for Preservation Excellence in 2008 upon completion of the restoration. In 2018, the Driehaus Museum launched a contemporary art program. The inaugural exhibition featured the work of

Yinka Shonibare Yinka Shonibare (born 9 August 1962), is a British-Nigerian artist living in the United Kingdom. His work explores cultural identity, colonialism and post-colonialism within the contemporary context of globalisation. A hallmark of his art is t ...

DePaul University

In 2002, Driehaus donated $3.45 million to endow a chair and establish a center in behavioral finance.Yerak, Becky
"Chicago investment manager donating $30 million to DePaul University's business school"
''Chicago Tribune'', February 15, 2012; retrieved September 21, 2015. Driehaus donated $30 million to

in 2012—the largest gift DePaul has ever received.Driehaus College of Business Quick Facts
DePaul University website; retrieved September 22, 2015. This contribution is used to recruit and retain faculty at the College of Commerce, which was renamed the Richard H. Driehaus College of Business.

Community outreach

Driehaus was an early supporter of Lisa Nigro's Inspiration Cafe in the Uptown neighborhood of Chicago, a nonprofit that helps 3,000 people each year by providing food, housing, and other services. He was touched by her story, which he heard through

NPR National Public Radio (NPR, stylized in all lowercase) is an American privately and state funded nonprofit media organization headquartered in Washington, D.C., with its NPR West headquarters in Culver City, California. It differs from other ...

. He has also given to smaller dance and theater groups in Chicago, such as the Chicago Shakespeare Theatre, Hubbard Street Dance Company, Pegasus Players,

Poetry Society of America The Poetry Society of America is a literary organization founded in 1910 by poets, editors, and artists. It is the oldest poetry organization in the United States. Past members of the society have included such renowned poets as Witter Bynner, Ro ...

, Trinity Irish Dance Company, and Redmoon Puppet Theater. He also was a major supporter of

Catholic Extension Catholic Extension (also known as the Catholic Church Extension Society) is a national fundraising 501(c)(3) organization which supports and strengthens poor mission dioceses across the United States. They provide funding and resources to dioceses ...

, which builds churches in under-served communities. He has also donated $3 million to the Catholic prep school he attended, St. Ignatius, and gave over $1 million to preserve churches, synagogues and mosques.

Fashion

The annual Driehaus Awards Fashion Excellence gives students from the four Chicago-area design schools a chance to showcase their works, with monetary prizes for placed winners.Calacci, Carol
"The 14th Annual Driehaus Awards for Fashion Excellence Supports Emerging Chicago Designers"
''Second City Style'', May 6, 2015; retrieved September 21, 2015. He also underwrote the Red Hot Chicago Fashion Gala for young professional designers.

References

External links

Driehaus FoundationDriehaus Capital ManagementDriehaus Design Initiative Driehaus Prize
{{DEFAULTSORT:Driehaus, Richard 1942 births 2021 deaths American investors American money managers Philanthropists from Illinois DePaul University alumni American financial analysts American hedge fund managers Businesspeople from Chicago St. Ignatius College Prep alumni Stock and commodity market managers