Fayez S. Sarofim

Investor and philanthropist Fayez Shalaby Sarofim passed away peacefully in his home on May 28, 2022 at the age of 93. Known as “the Sphinx,” Fayez’s resonant nickname was less a comment on his Egyptian origins than his intentionally inscrutable public demeanor and innate modesty. That reserve cloaked a deep intelligence, wisdom, and foresight that made him a legend in the world of investing. Fayez was, at his core, a fervent patriot of his adopted country with a profound respect for the American entrepreneurial spirit.

Fayez was born in Cairo in 1928 to Shalaby and Mary Simaika Sarofim. He was the middle of three children who were all raised in Heliopolis, where his father was a prominent businessman and farmer. His family was distinguished in the Egyptian Coptic community; his grandfather, Marcus Simaika Pasha, was the founder of the Coptic Museum in Cairo in 1908. After attending Victoria College and the English School in Cairo, in 1946, Fayez came to study in the United States, where he earned an undergraduate degree from the University of California at Berkeley and a Masters of Business Administration from the Harvard Business School. After earning his MBA, Fayez joined the Houston-based firm of Anderson Clayton where he worked in all aspects of the business including management of the company’s pension fund. Through that experience, he soon decided that trading shares of great American companies was more interesting than trading commodities. With the entrepreneurial, bold spirit that would carry him through life, and with his faithful assistant, Mrs. Raye G. White, at his side, Fayez founded Fayez Sarofim & Co. in 1958. Fayez often remarked that he would never have achieved the success he did without Mrs. White, and he recognized her contributions by appointing her as one of the first female senior executives in the investment management business.

Fayez Sarofim & Co. grew to be the largest investment advisory firm in the Southwest. Early clients included the Rice University Endowment, The Brown Foundation, Inc., Texas Children’s Hospital, the Cullen Foundation, and Ford Motor Company, along with numerous other pension plans, endowments, foundations, and individuals. Fayez led a dedicated team of investment professionals with a quiet voice, a consistent vision anchored in his belief in America and America’s businesses, and an unwavering patience and conviction in his firm’s abilities to create wealth for its clients.

When one concerned client called after the market crash in 1987 asking Fayez what he should do, Fayez responded with a wry “Go fishing.” He is often quoted as having said that coming to America from overseas gave him an appreciation for our country’s potential that many native-born Americans overlook. Another favorite quote of his was “Most people have the idea of finding a needle in a haystack. I buy the haystack.” Buying winning companies and holding them for the long term to capture the power of compounding was his investment mantra, and he often said, “Nervous energy is a great destroyer of wealth.” Fayez invested in companies whose management teams shared his own management ethos to treat shareholder or client money more dearly than their own. His patience was girded by a strict ethical code and a deep obligation to help others.

Fayez’s generosity around Houston and beyond has been far too widespread to encapsulate properly. He was a donor to Harvard Business School, St. John’s School, Southwestern University, among numerous other educational institutions. He cared deeply about supporting medical innovation and research and gave generously to Baylor College of Medicine, Memorial Hermann Hospital, the Texas Heart Institute, MD Anderson and many more. Fayez also loved art and generously supported the Museum of Fine Arts, Houston, which named its campus after him. As numerous and generous as his donations were, his greatest contribution was the investment returns he generated on behalf of his clients.

Fayez had impeccable taste that was on display at his homes, in his Savile Row tailored suits, and, most predominantly, in his art collection. The walls (and even a Coptic mosaic on the floor) of his homes and the offices of Fayez Sarofim & Co. show his passion for artists such as Winslow Homer, Childe Hassam, John Singer Sargent, Willem de Kooning, Mark Rothko, Hans Hofmann, and beyond. So vast and prized is his collection that the Museum of Fine Arts, Houston hosted an exhibition of it last year.

Friendships with Fayez were lasting and deep, and he was loyal to his friends and co-workers for life. A man devoted to his daily routine, he enjoyed a good cigar and good conversation wherever he found them – from the lunch table at the Coronado Club, to his lodge at the Two Dot Ranch in Wyoming, to the lanai at his home in Honolulu, to the aft deck somewhere in the Mediterranean.

Family, though, ranked above all else for Fayez, who cherished his role as patriarch. He is survived by his wife, Susan, his son Christopher and wife, Courtney, his daughter, Allison, and husband, Patrick Seabase, his son Andrew and wife, Mona, and his son Phillip, along with his grandchildren Gillian, Louisa, Fayez, Claire, Henry, Angelique, and Serenella, and his step-granddaughter Lily. He is preceded in death by his son Max.

Fayez’s family is eternally grateful to Reginald Davis, Michelle Zschappel, Katherine Perry, and the other employees at Fayez Sarofim & Co. for their years of service and support. In addition, the family is deeply appreciative of, and thankful for, the nurses and caretakers who gave him such wonderful support and devotion.

A funeral service will be conducted by His Eminence Daniel Cardinal DiNardo at 10:00 am on Thursday, the second of June, 2022 in the Co-Cathedral of the Sacred Heart, 1111 St. Joseph Parkway, Houston, Texas. Serving as pallbearers will be Christopher Sarofim, Andrew Sarofim, Phillip Sarofim, Patrick Seabase, Fayez Sarofim II, Kevin Robins, Reginald Davis, and Gentry Lee. Serving as honorary pallbearers will be Louis Adler, Morty Cohn, Jim Crane, I.H. Kempner, Rich Kinder, Jean Pigozzi, Tommy Reckling, Arthur Rock, Steve Smith, M.S. Stude, Kitch Taub, Paul Theroux, and Selim Zilkha.

In lieu of flowers, the family asks that contributions be directed to CHI St. Luke’s Health Baylor College of Medicine or the Museum of Fine Arts, Houston.

Obituary As Written By Paul Theroux