Scott Minerd
Scott Minerd, Chairman of Investments and Global Chief Investment Officer of Guggenheim Investments, attends the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S. Image Credit: Reuters

Scott Minerd, the Guggenheim Partners chief investment officer who was regarded as one of the bond kings of the past decades, has died. He was 63.

Minerd died Wednesday after a heart attack during his regular workout, Guggenheim said in a statement.

Guggenheim Investments will continue to be led by co-presidents Dina DiLorenzo and David Rone, and by Anne Walsh, CIO of Guggenheim Partners Investment Management, the firm said.

"Scott's partners at Guggenheim, as well as the many colleagues Scott recruited to Guggenheim, worked with, and mentored over the years, all mourn his loss," the firm said in its statement. "Guggenheim's investment professionals, in tribute to Scott, will continue every day to use the processes and procedures Scott helped build to manage Guggenheim's client portfolios. They will dedicate their ongoing efforts to do so with excellence and fidelity to honor his legacy."

Minerd, who lived in California, was a frequent television commentator on markets and investments. He dealt in bonds, structured securities, currencies and derivatives during stints at Merrill Lynch, Morgan Stanley, and Credit Suisse First Boston in the 1980s and 1990s, making him one of the era's leaders in fixed income during the market's four-decade bull run, along with the likes of Bill Gross, Jeffrey Gundlach and Dan Fuss.

Gross, co-founder of Pacific Investment Management Co., said in a 2019 Bloomberg interview that he doubted there'd be another "bond king," but Minerd was the most likely candidate, in part because of his "great long-term perspective."

Barrel-chested from years of bodybuilding, Minerd had walked away from trading in the 1990s before being lured back by Guggenheim CEO and co-founder Mark Walter, a former client who ran the investment firm Liberty Hampshire. Minerd would join shortly after the firm was formed. It now has more than $285 billion in assets under management.

"Scott was a key innovator and thought leader who was instrumental in building Guggenheim Investments into the global business it is today," Walter said in the statement. "He will be greatly missed by all."