Russ Ramsey

W. Russell Ramsey
Nationality American
Alma mater George Washington University
Occupation CEO
Known for Cofounding Friedman, Billings, Ramsey Group; founding Ramsey Asset Management

W. Russell (Russ) Ramsey is an American financier and philanthropist, and the founder, chairman and CEO of hedge fund management firm Ramsey Asset Management. He previously cofounded the Washington, D.C., investment firm Friedman, Billings, Ramsey Group in 1989, where he served as president, secretary and co-CEO until 2001. He is also a founding investor in the non-profit investment organization Venture Philanthropy Partners.

In 2014, Ramsey led an attempt to bring the 2024 Summer Olympics to his native Washington, D.C., serving as chairman and CEO of Washington 2024.

Early life and education

Russ Ramsey grew up in Washington, D.C.[1][2] He graduated from Suitland High School in 1977.[3] As a member of George Washington University's Class of 1981, he studied business administration and graduated with a bachelor's degree.[4] Ramsey received a baseball scholarship[1] and became senior-year team captain of the George Washington Colonials.[3] He is a GW Athletic Hall of Famer[5] and member of the All-Century Baseball Team.[6]

Career

Ramsey began working in the early 1980s as a salesman for business equipment company Pitney Bowes.[7] Following his time there, he joined brokerage firm Johnston, Lemon & Co.'s sales and trading group in 1986.[6] At Johnston, Lemon, he met Emmanuel Joseph Friedman and Eric Francis Billings, who would later become his business partners.[8] In 1989, all three left the firm and formed a new venture called Friedman, Billings, Ramsey Group (FBR), where Ramsey served as president[9] and co-CEO.[10]

In 1997, the firm held its initial public offering, raising $206 million.[8] The same year, the Northern Viriginia Technology Council named Ramsey its "Financier of the Year".[6]

Within its first seven years, FBR raised $7 billion in capital for clients and had become the largest trading firm in Washington, D.C.[8] The firm invested in emerging tech companies.[11] After the IPO, Friedman, Billings, Ramsey Group's stock price increased 50 percent.[10]

In 2001, Ramsey left FBR[8] to form the hedge fund management firm Ramsey Asset Management, based in Reston, Virginia.[12][13] As of May 2015, Ramsey is the firm's chairman and CEO.[6]

Newsweek magazine named Ramsey as one of its four "people to see" in Washington's finance community.[14]

Other activities and philanthropy

Ramsey served on the Board of Trustees of his alma mater George Washington University for 15 years from 1998 to 2013. He chaired the board during his last six years as trustee.[4][15] During his tenure on the board, Ramsey chaired the committee that lead to Steven Knapp's hiring as the 16th president of George Washington University.[12] He also oversaw a 20-year plan to develop the university's campus site at Foggy Bottom and its strategic plan development.[4] Additionally, in 2005, the Ramsey family donated $1 million to the university to create an investment portfolio to be run by Master of Business Administration students, so that they could build real world finance expertise.[16][17]

Ramsey has served on a number of boards and councils, including JER Investors Trust's board,[16] the National Geographic Society's Council of Advisors,[12] the Virginia Governor's Advisory Council,[16] the Council on Foreign Relations[18] and the Virginia Foundation for Independent Colleges board.[16]

Together with his wife, Norma, Ramsey established the W. Russell and Norma G. Ramsey Foundation, which provides funds to help at-risk families.[17] The foundation has funded scholarships to the D.C. area's Big Brothers Big Sisters program.[17] Additionally, he and his wife were early investors in Venture Philanthropy Partners,[17] which invests in D.C.-area nonprofits.[19] Ramsey has also made individual contributions to events and causes including Fight for Children's annual Fight Night fundraiser,[20][21] Make A Wish Foundation,[6][22] Potomac School,[15] and Inova Fairfax Hospital System.[23]

Washington 2024

In 2013, Washington, D.C., businessman Ted Leonsis, owner of the Washington Capitals and Washington Wizards,[24] recruited Ramsey for an effort to bring the 2024 Summer Olympics to the city.[15] Ramsey was selected in March 2014 as chairman and CEO of the nonprofit Washington 2024, founded to run the city's effort to host the games.[13] Washington 2024 also included former NFL Commissioner Paul Tagliabue and former Mayor Anthony Williams.[2] The group publicly announced its board, logo, website and theme, "Unity", six months later. On behalf of the organization, Ramsey and Leonsis, its vice chairman, lobbied for support around the Capital Beltway.[24]

Ramsey and the others on the Washington 2024 panel competed against committees in Boston, Los Angeles, and San Francisco to be the first U.S. city to host the Summer Olympics since the 1996 Summer Games in Atlanta.[24] During the campaign, Ramsey proposed development along the Anacostia River, which includes some of D.C.'s poorer communities, a move similar to how officials in London sought use the 2012 Summer Olympics to economically boost East London.[25] Ramsey led a five-person group to pitch Washington, D.C., to the 16-member U.S. Olympic Committee in December 2014.[26] On January 8, 2015, the committee selected to submit Boston to the International Olympic Committee as America's candidate for the games. Following the announcement, Ramsey released a statement that he would continue working with leaders in the D.C. area to develop opportunities for young people in sport.[24]

Personal life

Ramsey lives with his wife, Norma, who directs the Ramsey Foundation, in Great Falls, Virginia. The couple has four children.[2]

References

  1. 1 2 "Tribute to W. Russell Ramsey: Senate - Congressional Record". Congress.gov. 25 April 2013. Retrieved 14 April 2015.
  2. 1 2 3 Holan, Mark (24 October 2014). "Russ Ramsey: The face of D.C.'s Olympic bid". Washington Business Journal. Retrieved 14 April 2015.
  3. 1 2 "GW Athletics: 1995 Athletic Hall of Fame Inductee". GWSports.com. Retrieved 14 April 2015.
  4. 1 2 3 Hiatt, Kurtis (17 May 2013). "Paying Tribute to Outgoing Chairman W. Russell Ramsey". GW Today. Retrieved 14 April 2015.
  5. ↑ "Furthermore". The Washington Post. 11 January 1995. Retrieved 6 May 2015 – via Highbeam. (registration required (help)).
  6. 1 2 3 4 5 "Executive Profile: William Russell Ramsey". Bloomberg Business. Retrieved 14 April 2015.
  7. ↑ "Sales seen as rewarding career". Lawrence Journal-World. 20 May 1985. Retrieved 11 May 2015.
  8. 1 2 3 4 Heath, Thomas (23 December 2008). "Last of FBR's Founders to Retire as CEO". The Washington Post. Retrieved 22 April 2015.
  9. ↑ Hinden, Stan (29 June 1989). "Top Analyst, 18 on His Staff Leave Johnston, Lemon & Co.". The Washington Post. Retrieved 14 April 2015 – via Nexis. (registration required (help)).
  10. 1 2 O'Brien, Sarah (14 February 2000). "D.C. tech rise augurs killing for feisty Friedman Billings". InvestmentNews. Retrieved 22 April 2015.
  11. ↑ Henry, Shannon (13 February 2001). "FBR's Co-CEO To Start New Fund Venture". The Washington Post. Retrieved 7 May 2015 – via Highbeam. (registration required (help)).
  12. 1 2 3 Tanabe, Karin (7 May 2007). "Tech Finance King Becomes College Kingmaker". Bisnow on Business. Retrieved 14 April 2015.
  13. 1 2 Otto, George; Fruehling, Douglas (11 March 2014). "DC 2024 names Russ Ramsey chair, Ted Leonsis vice chair". Washington Business Journal. Retrieved 14 April 2015.
  14. ↑ Pearlstein, Steven; Irwin, Neil (20 May 2001). "Signs of Resilience Appear Amid Region's Wreckage; 'Old' Tech Sector Provides Relief From the Downturn". The Washington Post. Retrieved 6 May 2015 – via Nexis. (registration required (help)).
  15. 1 2 3 Holan, Mark (23 October 2014). "Here's how Russ Ramsey came to chair Washington 2024". Washington Business Journal. Retrieved 14 April 2015.
  16. 1 2 3 4 "W. Russell Ramsey Named Chairman of Board of Trustees". By George!. March 2007. Retrieved 14 April 2015.
  17. 1 2 3 4 "The Philanthropic 50". Washington Life Magazine. June 2009. Retrieved 6 May 2015.
  18. ↑ "Membership roster". Council on Foreign Relations. Retrieved 11 May 2015.
  19. ↑ Sifakis, George (13 April 2015). "3 Key Lessons That Have the Potential to Change the World! - An Exclusive Interview With Carol Thompson Cole, Venture Philanthropy Partners CEO". The Huffington Post. Retrieved 6 May 2015.
  20. ↑ Heath, Thomas (5 November 2012). "Fight Night brings in $2.2M for children's nonprofit". The Washington Post. Retrieved 7 May 2015 – via Nexis. (registration required (help)).
  21. ↑ "Kevin Plank: Under Armour founder’s winning formula for $4 million Fight Night". The Washington Post. 15 November 2013. Retrieved 7 May 2015.
  22. ↑ Ianzito, Christina (5 February 2001). "Make-a-wish catches disco fever". The Washington Times. Retrieved 7 May 2015 – via Nexis. (registration required (help)).
  23. ↑ Roberts, Roxanne (22 April 1996). "Cause for Celebration; With Big Fund-Raisers, Northern Virginians Flex Their civic-Minded Muscle". The Washington Post. Retrieved 7 May 2015 – via Nexis. (registration required (help)).
  24. 1 2 3 4 Sheinin, Dave (8 January 2015). "USOC chooses Boston over D.C. as its candidate to bid for 2024 Summer Games". The Washington Post. Retrieved 14 April 2015.
  25. ↑ O'Connell, Jonathan (8 September 2014). "The economic argument for bringing the Olympics to Washington". The Washington Post. Retrieved 18 May 2015.
  26. ↑ Sheinin, Dave (16 December 2014). "DC2024 Olympic bid to present its case to USOC board of directors". The Washington Post. Retrieved 18 May 2015.

External links

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