[Congressional Record Volume 156, Number 4 (Friday, January 15, 2010)]
[Extensions of Remarks]
[Page E36]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 IN RECOGNITION OF THE LATE JOHN HOBBS

                                 ______
                                 

                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                        Friday, January 15, 2010

  Mrs. MALONEY. Madam Speaker, I rise to acknowledge the achievements 
of my good friend John Hobbs, a remarkable man who distinguished 
himself in his personal and professional endeavors. A respected, highly 
successful pioneer in the investment management industry, John Hobbs 
was also a selfless civic activist and philanthropist who was dedicated 
to education and to the pursuit of justice and civil rights. He 
bequeathes a legacy of professional excellence and compassion for 
others.
  John Hobbs demonstrated a lifelong dedication to education and youth 
development. He attended Wesleyan University and earned an A.B. and 
M.B.A. degrees from Harvard University. He served on the Harvard 
Graduate School of Education's and the Harvard Business School's Dean's 
Advisory Boards and co-chaired--along with his late wife of 46 years, 
Elisabeth Atwater Hobbs--the Harvard Graduate School of Education's 
Capital Campaign. As the Campaign Steering Committee's Co-Chairs in the 
1990s, John and Liz helped raise $111 million, the largest sum ever 
raised by a school of education. They endowed the John H. and Elisabeth 
A. Hobbs Chair of Cognition and Education held by Prof. Howard Gardner. 
They also helped many students cover education costs through the Hobbs 
Fellowship. John had been Chairman of the Board of Trustees of Common 
Cents in NYC, on the Governing Board of the Graduate Faculty of the New 
School University and on the Board of the Foundation for Child 
Development. He was also a dedicated patriot who served in the United 
States Air Force Reserve.
  As an investment manager, John Hobbs was a co-founder, Chairman, and 
CEO of Jennison Associates, one of Wall Street's first independent 
institutional investment management firms. At the time, institutional 
investment portfolios were managed primarily by large bank investment 
departments, insurance companies, and investment counselors. John and 
his colleagues built Jennison with the belief that in-house fundamental 
research and specialized investment teams would generate superior long-
term investment returns. Now a subsidiary of Prudential Financial, 
Jennison manages more than $90 billion in assets for major 
institutions, mutual funds, and private individuals. Many of its 
existing client relationships were established while he was Chief 
Executive Officer.
  He was instrumental in Jennison's expansion beyond equities into the 
institutional fixed income market. He was named Jennison's president 
and chief executive officer in 1976 and became chairman in 1994. In 
1996, he took on added responsibilities as president of institutional 
asset management for the global money management group of Prudential. 
In 2000, he took the helm of Prudential's entire equity asset 
management business, including the active quantitative management firm 
Quantitative Management Associates. He served as Jennison's vice 
chairman from late 2002 until he retired in 2003. After the death of 
his wife, he returned to work and was most recently the vice chairman 
of Madison Asset Management Group, LLC, a global infrastructure 
investment specialist.
  In addition to his beloved wife who predeceased him, John Hobbs was 
the devoted father of Margaret M., George C. and Kate H. Hobbs; beloved 
brother of Eleanor Richardson of Niantic, Conn., and Margaret Sudbury 
of Winchester, MA. He is also survived by loving nephews, nieces, 
cousins and friends.
  Madam Speaker, in recognition of a lifetime of service to others, I 
request that my colleagues join me in paying tribute to the late John 
Hobbs, a great American who made immeasurable improvements to our civic 
life. John Hobbs' selfless and enduring dedication to others inspires 
us all.

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