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Well-known financier Art Cashin, 83, has unexpectedly passed away from unknown causes. He was mostly known for being an important part of Wall Street for several years and served as the director of floor operations at UBS Financial Services. Cashin’s net worth stood at $10 million, as per CelebrityNetWorth.
The news of Cashin’s sudden demise was first revealed through a memo by the head of sales and development of UBS Wealth Management USA, Bill Carroll. According to Reuters, Bill described Art as a “true giant” in the industry who was respected as a market expert over the years.
Before arriving at UBS, Art Cashin worked in companies like Thomson McKinnon Securities Inc. Furthermore, he was involved with some philanthropic activities as he launched the NYSE (New York Stock Exchange) Christmas Dinner Fund, which aimed to offer holiday meals for poor families throughout New York City, as reported by BNN Bloomberg.
Carroll’s memo continued praising Art for his contributions as it mentioned:
“Art Cashin became a household name for investors across the country, who benefited from his savvy insight on the markets, good humor and wit, while being one of UBS’s strongest brand ambassadors.”
Social media platforms were also flooded with tributes from different personalities. Mohammed A. El-Erian, former CEO and co-chief investment officer at the investment company PIMCO, took to Facebook to express his grief by calling Cashin the wisest person on the floor of NYSE. He further stated:
“From what I experienced and observed on several occasions, he always treated people with kindness and respect.”
Art Cashin earned a lot of wealth from his association with UBS and other companies
The New Jersey native was a high school student when he came to a brokerage company, Thomas McKinnon, at 17. However, this additionally launched Art’s successful career as he continued working for other firms in the next few years.
Art Cashin’s contributions as a financier were his main source of income and he was the youngest member to join NYSE since he was 23 years old at the time. He even served as a partner of P.R. Herzig & Co. in 1964 and contested for mayor a few years later, as per CNBC.
He was also the chairman of the Fallen Heroes Fund, aiming to offer financial help to the families of first responders who lost their lives while performing their duties.
CelebrityNetWorth stated that Art Cashin remained an important part of the NYSE for many years as he served as a governor and vice chairman. He did not stop helping people with other initiatives, he launched the Flood Members Emergency Fund at one point.
He was famous for his newsletter, Cashin’s Comments, which accumulated thousands of readers, as per Reuters. Art was even featured in a segment of CNBC specifically based on him.
On his long list of work experience, Art looked over the floor operations at the investment bank PaineWebber. His arrival at UBS was a result of the bank being acquired by the former in 2000. He previously wrote market commentaries for brokers and provided market analysis for Financial News Network.
A report by Business Insider in 2012 stated that Art Cashin joined a folk singing quartet during the 60s and the group was able to impress ABC Paramount Records during the audition. The company told the group they would get a chance to make a record if the artist signed by them did not work out.
