SCHWARZ-H. Marshall

H. Marshall Schwarz, retired chairman and chief executive of the US Trust Corporation, died peacefully on November 19th in his home in Lakeville, CT. He was 85. Mr. Schwarz began his career at Morgan Stanley as an investment banker but transitioned to the US Trust Company in 1967. Mr. Schwarz rose rapidly through the ranks at US Trust, eventually being named chief executive officer and chairman of the board of directors in 1990. Mr. Schwarz oversaw the sale of US Trust to Charles Schwab in 2000 in a transaction that received considerable attention at the time. Mr. Schwarz continued at the helm of US Trust long after the transaction, and to this day, occupies significant mindshare at the firm where he is revered even by those who began their careers at the firm while he was toward the end of his. Said one former employee, “when I started, of course I knew who Marshall Schwarz was, it was his firm! But, in my second or third week I saw him on our floor, and he was walking around chatting with everyone – he walked up to me and knew my name and I remember thinking ‘how does he know my name, and why?’ I know now that he knew everyone’s name – everyone – and little stuff like that made him loved.”

Marshall’s pedigree is noteworthy. He was born and raised on the upper east side of Manhattan. His great- grandfather founded FAO Schwarz, the famed toy store, which the family sold in the 1960s. His father was managing partner at Davis, Polk. His mother served on the board of directors of the Union Theological Seminary and was chairwoman of the board of Miss Porter’s School. He attended Collegiate School, Milton Academy, Harvard and Harvard Business School. Mr. Schwarz’s influence extended far beyond the world of business. He was a noted philanthropist, giving both considerable wealth, and – importantly to him – time and attention to charity. He served on the board of directors of the American Red Cross, the Camille & Henry Dreyfus Foundation, Columbia University Teacher’s College, Bowne & Company, the Atlantic Mutual Company and Milton Academy where he served on the board of trustees for 17 years, among other institutions.

Once a fine athlete himself, Mr. Schwarz was a New York sports fan, particularly the New York Yankees, but was a truly avid fan of his children’s (and later grandchildren’s) athletic endeavors. He also loved the theater, both as an enthusiastic audience member and as a performer going back to his time in the Hasty Pudding Club at Harvard. Mr. Schwarz will be remembered as a consummate gentleman with spectacular strength of character and a remarkable sense of humor. His reputation for honesty, trustworthiness and authenticity was well earned and he guarded it closely – his proudest accomplishments were his relationships. Mr. Schwarz is survived by his wife of 43 years, Rae Paige Schwarz and by his four children, Jim Schwarz and his wife Tracy (San Carlos, CA); Serena Larson and her husband Randy (Winter Park, FL), Paige Couture and her husband Jodi (Easton, CT) and Will Schwarz (New York, NY); and, by his seven grandchildren, Mary, David and Hayes Schwarz, Lily and Eliza Larson, and Marshall and Amelia Couture. In addition, Mr. Schwarz is survived by his brothers Fritz Schwarz and Bob Schwarz and Polly Merrill.

Published in The New York Times Nov. 25, 2021
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