Chase Alumni Association

In Memoriam: Howard E. Hallengren, 94

1st Chicago and Chase Manhattan Vet; Coined Term "Nifty Fifty"

(from death notice in The New York TImes)

Howard E. Hallengren, whose career in banking, investments and real estate included stints as a Chief Investment Officer at First National Bank of Chicago and Chase Manhattan Bank, died on October 13, 2024 at Northwestern Memorial Hospital in Chicago, IL. He was 94 years old and left no survivors.

Born in Chicago in 1930, Hallengren attended public high school and won a scholarship to Princeton University, graduating cum laude with a BA in English Literature in 1952. He then earned an MBA at the Booth School of Business at The University of Chicago.

Upon graduation he began working at the First National Bank of Chicago, rising in 1970 to Chief Investment Officer. During the ensuing decade, Hallengren coined the term "Nifty Fifty", as he became the principal opponent of the era's philosophy of investing only in America's 50 leading companies,  however high the share prices. Hallengren received wide coverage on this subject in The Chicago Tribune, The Wall Street Journal and The New York Times. When shares in the "Nifty Fifty" collapsed, Business Week featured an article about Hallengren and his unique stance on the subject, saying that he had been "vindicated."  

Hallengren joined Chase Manhattan Bank in New York in 1982 as the bank's Chief Investment Officer of International Private Banking, remaining until 1992.

Hallengren went on to form Falcon Real Estate Investment Company, which provided advisory and management services for international investors in U.S. real estate. He served as the company's Chairman until his retirement in 2012.

He traveled worldwide and became particularly interested in ancient Egyptian civilization after visiting the tombs and temples around Luxor.

Following retirement, he wrote his first novel at the age of 86, Reminiscences of an Accidental Embezzler, which received critical praise (and an interview on this website). Its three embezzlement plots were partially based on events that took place at Chase Manhattan Bank. A second novel, A Stabbing Death In Luxor, came out in 2022. Hallengren had several more books in the works.

While he was an established figure in the world of finance and real estate, his true passion was supporting a more liberal arts education for students. His efforts included working with secondary schools, colleges, museums and theaters, and even building kindergarten schools in the war-torn Gaza Strip. Hallengren also invested his time and expertise in counseling groups of college students about real business problems they might face in their careers. His goal was to find ways to expand their horizons and elevate their expectations so that they could make a significant contribution to the world.

Hallengren was very private about his philanthropy until The University Of Chicago recognized him in 2019 with an award for his many years of support of The Institute for the Study of Ancient Culture (formerly called The Oriental Institute). He provided the University recently with an endowment to create a new faculty position: the Howard E. Hallengren Professorship of Arabian Peninsula and Gulf States Archaeology.

Memorial gifts can be made to The Institute for the Study of Ancient Culture and to Wabash College in Crawfordsville, IN.