Philanthropist who built large brokerage, dead at 66

Published 9:00 pm Wednesday, December 3, 2003

SEATTLE – Michael G. Foster, who built his family’s brokerage into one of the biggest in the Pacific Northwest, sold it and became one of the city’s leading philanthropists, is dead at 66.

Foster, a multimillion dollar benefactor of the University of Washington and other institutions, died Wednesday at his home after a brief illness.

One of the region’s major brokerage firms, McAdams Wright Ragen, formerly Ragen MacKenzie, was founded by former Foster &Marshall Inc. employees who held ownership shares when the firm was sold to Shearson/American Express for $76 million in 1982.

Born in Seattle, Foster attended the University of Washington, worked for a time at the bond firm Dominick &Dominick in New York, then returned to work for Foster &Marshall, at the time the only New York Stock Exchange member firm based in Washington state.

In 10 years before the firm was sold, Foster led an expansion into Oregon, Idaho, Utah and Alaska.

In succeeding years he managed his own investments but devoted much of his efforts to philanthropy through The Foster Foundation, formed with some of the proceeds from the sale of Foster &Marshall.

In 1990 the foundation gave $3 million to help finance a complex that includes the Foster Business Library on the university campus. He also endowed a scholarship fund in the university’s Business School.

Last year the foundation provided more than $2.2 million to dozens of institutions, including the Seattle Public Library Foundation, McCaw Hall, Children’s Hospital and the YWCA Angeline’s Center for Homeless Women.

Survivors include Foster’s wife Sally; son Greg of Medina; stepchildren Taylor Campbell, Catherine Dickinson, Clare Walsh and Todd Campbell, all of Seattle; brothers David of Seattle and Gary of Katonah, N.Y.; sister Pamela of Bainbridge Island, and seven grandchildren.

A public life celebration is scheduled next Wednesday at the Seattle Golf Club.