ERNEST STERN

1933 - 2019

STERN ERNEST STERN 1933 ~ 2019 Ernest Stern died at home in New York on June 7, 2019 at the age of 85. During a career that spanned nearly six decades, Ernie, as he was known to his family and a global network of friends and colleagues, was one of the leading thinkers and practitioners in the field of development finance. He devoted his life to connecting people and providing opportunities in corners of the world that are too often overlooked. The bridges that he built between U.S. and European business communities and policy makers in developing countries made an invaluable contribution to the field as it evolved in emerging markets during the 1970s, 80s, and 90s. His remarkable life story, quick and analytical mind, his humor and empathy, and his lifelong partnership with and devotion to his wife Zina, made him an absolutely unique role model for all who knew him. Born in Germany in 1933, Mr. Stern emigrated to the U.S. at the age of 14 after having been interned with his family at the Bergen-Belsen concentration camp. Upon arriving in the U.S. he quickly perfected his English and adapted to American life. Losing no time, he was determined to move forward and make up for the wartime interruption to his studies, graduating from Queens College before earning a Ph.D. in International Economics from the Fletcher School of Law and Diplomacy. Mr. Stern's early experiences shaped his commitment to economic development as a means to redress poverty, injustice and intolerance. In 1959 he joined USAID. He held posts in Turkey, India and Pakistan, eventually rising to the position of Assistant Administrator. He also served as the Deputy Executive Secretary and Staff Director of the Commission on International Development (the Pearson Commission) in 1968-69, and as Senior Staff Member of the White House Council on International Economic Policy in 1971. The hands-on experiences Mr. Stern gained during his time with USAID informed the rest of his life's work. He strove for on-the-ground knowledge, seeking out the farmers and villagers whose lives were so deeply affected by economic policy, and relying on a network of friends and acquaintances to bring him insight into the realities of daily life. He and a colleague once met with a local government functionary who tried to dissuade him from visiting a village under consideration for a new development project. The roads were bad, the official explained, and the car would not be able to get through. "Do you have a bicycle"? Mr. Stern asked. A bicycle was procured, and Mr. Stern rode ahead to meet with the villagers. A fiercely analytic intellect who did not suffer fools, Mr. Stern nevertheless was known for his receptivity to others' ideas. A facilitator and pragmatist, he was skeptical of theory and grand visions, however, he was willing to consider and implement unconventional and creative ideas if they would create measurable change for people. After leaving USAID in 1972, Mr. Stern worked for the World Bank for 23 years in various roles, including Senior Vice President Operations and Senior Vice President Finance. He spent four years as Managing Director and served as Acting President. As Managing Director, he had oversight of World Bank operations in South Asia, Eastern Europe, and the former Soviet Union, as well as of Finance and Private Sector Development and the Bank's Treasury operations and budget. Among his many achievements at the World Bank were the introduction of China into the World Bank, and the creation of MIGA (Multilateral Investment Guarantee Agency), established in 1988 to enhance the flow of capital and technology for productive purposes to developing countries. During his time at the Bank he recruited future leaders in the field of development finance including Stanley Fischer and Manmohan Singh. In 1995, Mr. Stern joined JPMorgan as Managing Director in the Office of the Chairman as senior client relationship manager for Emerging Markets and continued in this role following the 2001 merger of JPMorgan and Chase. In 2002, Mr. Stern became a Partner and Senior Advisor in the newly established Rohatyn Group, an asset management firm specializing in emerging market investments. He established the firm's philanthropic committee and played an important role in directing the firm as it grew from 23 employees to over 100 with offices around the world. Mr. Stern was a member of the Group of Thirty, the Bretton Woods Committee and the Institute of International Finance in Washington DC, where he served on the Principles Consultative Group and the Market Monitoring Group. He served on the boards of ShoreCap International (a subsidiary of Shore Bank, Chicago), the Common Fund, and Bank Handlowy in Poland and was a member of the Advisory Board of Corsair Capital. Mr. Stern is survived by his wife Zina and his brothers, Joseph and Dennis. Funeral services were held at the Plaza Jewish Community Chapel in New York. Funeral services were held at the Plaza Jewish Community Chapel in New York.