News

AHA Portfolio Managers and Trustees Suffer in Destruction of World Trade Center

Arnita A. Jones, October 2001

For several decades the endowment portfolio of the American Historical Association has been invested by Fiduciary Trust Company International, which had its offices on the 94th floor of Two World Trade Center in New York City. John M. Trainer Jr., the senior vice president who has managed our account with Fiduciary since the early 1990s, was able to leave the building before its collapse. Several hundred of his colleagues also survived, but more than 90 of Fiduciary's staff perished as a result of the terrorist attack on September 11. I and my colleagues and predecessors at the AHA who have worked with Fiduciary over many years wish to express our deepest sympathy and regret for the losses our friends have suffered.

While the endowment portfolio of the AHA is directly managed by Fiduciary Trust, those investments are overseen by a Board of Trustees which is appointed by the AHA Council. Its members are drawn from the investment community in New York and include D. Roger B. Liddell, chair, of Ingalls & Snyder; R. Dyke Benjamin, senior vice president of Lazard Freres and Company; C. Evan Stewart, executive vice president and general counsel of The Nikko Securities Company International Inc.; Barbara H. Chacour of Brean Murray, Forster Securities Inc.; and Fay Gambee, senior vice president of United States Trust Company. All have lost friends and colleagues and we extend our sympathies to them as well.

Members of the Association should know, however, that even at this most difficult time our volunteer Board of Trustees is taking diligent care of AHA's assets. Roger Liddell, who has served on this board for 20 years, contacted us on last Wednesday to assure us that he held a copy of the Association's portfolio and that the Board of Trustees would step in to manage it if necessary. A meeting of the board was arranged for early the following week. I am awed by our trustees' professionalism and devotion to the AHA. We are in their debt.

Arnita A. Jones
September 18, 2001

Council Statement

We on the AHA Council would like to extend our sympathy and support to all who have been profoundly affected by the terrorist attacks of September 11th. We are with you in spirit.

May we all find strength, wisdom, resolve, and generosity during this very challenging time.

May the memories of our sisters and brothers lost in the Pentagon and New York City and western Pennsylvania help us find solace as we face the difficult days to come.

David W. Blight, Eric Foner, Lillian Guerra, Lynn Hunt, Wm. Roger Louis, Barbara D. Metcalf, Maureen Murphy Nutting,Vicki Ruiz, David Harris Sacks, Linda Shopes, Gabrielle M. Spiegel, William A. Weber