Michael Price

Michael Price worked under Max Heine at Mutual Series Fund before taking over management in 1975. He built the fund into one of the most successful value-oriented mutual funds in America, growing assets to approximately $17 billion through a combination of deep value investing, distressed securities, and merger arbitrage. Price is known for his aggressive approach to uncovering hidden value: he would analyse bankruptcy proceedings, tender offers, and corporate events in exhaustive detail to find mispriced securities. He was also one of the first large mutual fund managers to use activist shareholder techniques to force corporate changes. His most famous engagement was at Chase Manhattan Bank, where he accumulated a large position and publicly pressured the bank to either improve performance or pursue a merger. This campaign was instrumental in driving the 1996 merger of Chase Manhattan and Chemical Bank — one of the largest bank mergers in history at that time. Price sold Mutual Series Fund to Franklin Templeton in 1996 for approximately $800 million, retaining management responsibility for several years. He was featured prominently in financial media for his direct, demanding style and his willingness to confront corporate management publicly.