Richard Foote, 78, investments leader

Richard L. Foote of Ridgefield, founder, chairman and chief executive officer of Connecticut Investment Management Inc., died of respiratory complications on Dec. 17, 2003,  in Palm Beach. He was 78 years old.
Mr. Foote graduated from Kimball Union Academy in Meriden, N.H., where the gymnasium was named in honor of his family, which provided the project’s funding. He also was a graduate of Columbia University and The New York Institute of Finance, and he attended the School of Management at Yale University.
He began his career in advertising, becoming an executive vice president and director of John Blair & Co. at age 29. He changed career direction with a stint on Wall Street with W.E. Hutton & Co. and R.W. Pressprich & Co.
In 1970 he founded Connecticut Investment Management of Essex, in reaction to what he felt was the unfair disadvantage mutual funds placed on its clients in terms of hidden and excessive fees. Mr. Foote believed it was far better for the investor to own common stocks directly in their own name, rather than on a pooling basis, especially as they developed considerable wealth. As such, he became one of the nation’s pioneers of large capitalization growth investing, taking a long-range holding view. He built his firm on the philosophy of giving close attention to the needs of entire families.
Mr. Foote was considered an outstanding leader, his family said. “He was always kind and generous but steadfast to his proven investment style and was never swayed by trends. His company ranks among the top money management firms in America in terms of investment performance, always outstripping the S&P Index.”
Mr. Foote was born in 1925 in Grosse Pointe, Mich., where his father, Walter Douglas Foote, served as executive vice president of Alcoa Aluminum and pioneered the introduction of aluminum in car manufacturing.
His mother was Lydia Helen Mann of Philadelphia. Her ancestors came to America with William Penn and belonged to the Philadelphia Assembly. Lydia Mann Foote was an active member of the Society of Colonial Dames’ New York Chapter until her death.
Mr. Foote’s great-grandfather, Charles Alexander Silver, settled in Brooklyn in 1845 and became, as a building contractor, a major force in the development and settlement of Brooklyn Heights.
An avid sailor, Mr. Foote began sailing at age eight when he received his first boat. He always kept one or more boats moored nearby his offices and residences. He was a member of the New York and Essex Yacht clubs, among others.
“His love of the water and all things water-related included always residing on or nearby the water and collecting marine prints,” his family said. Among his collection, John Mecray’s Reliance was his favorite. Mr. Foote’s ashes were scattered by boat 50 miles out from his Palm Beach residence.
He is survived by his wife, Daniele Hampton of Ridgefield, Old Lyme and Palm Beach, an entrepreneur; a son, Richard of Scotland; a daughter, Elizabeth of Oregon; four stepchildren, Shenandoah of Vermont, Stephen, Shawn and Christopher of Connecticut; four step-grandchildren, Hope, Ashley, Joshua and Joel; and a sister, Helen Foote Knowlton of Falls Village and Jupiter, Fla.