The Guardian Fund, one of the first no-load mutual funds in the United States, was established by Roy Neuberger in 1950. As a financier and dedicated collector, he bridged the worlds of Wall Street and contemporary art for over a century, using his wealth to support struggling artists while building a firm that remains active today.
Early Life and Education
Born in 1903 in Bridgeport, Connecticut, Roy Rothschild Neuberger lost both parents by age 12. He attended DeWitt Clinton High School before enrolling at New York University. He eventually left without a degree, moving into the workforce at the Manhattan department store B. Altman and Company. At age 20, he traveled to Paris, where he studied art and developed friendships with figures such as historian Meyer Schapiro.
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Neuberger entered the financial sector in 1929, just months before the market crash. He gained experience at Halle & Stieglitz, successfully navigating the Great Depression by selling short RCA shares. In 1939, he partnered with Robert Berman to establish the investment firm Neuberger Berman. His professional approach integrated corporate culture with an emphasis on acquiring and displaying contemporary works for employees.
Art Patronage and Legacy
Influenced by a biography of Vincent van Gogh, Neuberger committed himself to buying work from living artists to prevent the poverty he perceived in historical figures. He acquired pieces from artists including Jackson Pollock, Willem DeKooning, Mark Rothko, and Milton Avery. He never sold his acquisitions, eventually donating more than 900 works to the Neuberger Museum of Art, which opened at SUNY Purchase in 1974. In 2007, President George W. Bush presented him with the National Medal of Arts.
Personal Life and Writing
Neuberger was married to Marie Salant for nearly 65 years, and they raised three children: Ann Aceves, Roy S. Neuberger, and James Neuberger. He authored two books documenting his experiences in the art world: 1997's So Far, So Good - the First 94 Years and 2003's The Passionate Collector: Eighty Years in the World of Art. He died in Manhattan in 2010 at the age of 107.
Fast facts
- Born: 1903, Bridgeport
- Died: 2010, Manhattan
- Firm founded: 1939
- Education: DeWitt Clinton High School
- Major award: National Medal of Arts
- Children: Ann, Roy S., and James
Questions readers ask
Did Roy Neuberger ever sell his art collection?
No, he maintained that selling works he purchased to support artists would be a criminal act.
What was the significance of the Guardian Fund?
Launched in 1950, it was one of the first no-load mutual funds in the United States.
Achievements
- National Medal of Arts
- Educated at DeWitt Clinton High School
