Frank Savage, an investment banker, was born on July 10, 1938, in Rocky Mount, North Carolina, to Grace Savage and Frank Savage, Sr. Savage’s mother and twin sister, Frances, moved to Washington, D.C., when he was only 6 months old, to open a beauty salon. Savage received his B.A. from Howard University in 1961 and his M.A. in international relations from Johns Hopkins University in 1964.
By 1962, Savage had joined Crossroads Africa, where he and 250 other students were tasked with constructing tennis courts at an all-boys school in Northern Rhodesia (now Zambia). After receiving his M.A. in 1964, Savage became the first African-American in Citibank’s international division, working in the Middle East and Africa.
Savage joined Equitable Life Insurance in 1970 as president of Equico Capital Corporation, the largest Minority Enterprise Small Business Investment Corporation in the United States. Savage became Executive Vice-President of TAW International Leasing in 1973. He went on to become Equitable Capital Management Corporation’s vice-chairman of the board and head of international operations.
Savage was later appointed senior vice-president of The Equitable Life Assurance Society of the United States (now AXA Equitable Life Insurance Company) in 1987. He was appointed chairman of the “Equitable Capital Management Corporation” in 1992, where he oversaw the firm’s global investment management business. He served as chairman emeritus of Alliance Capital Management International after the merger of Equitable Capital Management Corporation and Alliance Capital Management International in 1993.
Savage joined the Council on Foreign Relations in 1998, and he left Alliance Capital in 2001 to found the Africa Millennium Fund. Following the events of September 11, 2001, Savage postponed his plans for the Africa Millennium Fund and founded Savage Holdings, of which he is the CEO.
Savage is the emeritus chairman of the SAIS Advisory Board and the board of trustees of Howard University. In addition, he has served on the boards of Bloomberg LP, the New York Academy of Medicine, Lockheed Martin, Qualcomm, and the New York Philharmonic. Hofstra University bestowed upon him an Honorary Doctorate of Humane Letters, and Howard University bestowed upon him an Honorary Doctorate of Humanities. Savage also won the Lord Nelson Trophy at the 2003 Antigua Race Week Regatta, the Caribbean’s premier sailing event.
Frank Savage, who served from 1994 to 2004 and as chairman for seven years beginning in 1997, is credited with launching the widely successful Campaign for Howard. He is the president and CEO of Savage Holdings LLC, a global financial services firm. He was the chairman of Alliance Capital Management International, a division of Alliance Capital Management, a $700 billion asset management subsidiary of AXA Equitable Life Assurance Company, prior to forming Savage Holdings. With a $200,000 gift in 1999, he established the Frank Savage Endowed Scholars Program in the School of Business.
Frank’s background includes international banking, corporate finance, and global investment management. He graduated from Howard University with a Bachelor of Arts and the Johns Hopkins Nitze School of Advanced International Studies with a Master of Arts.