John J.F. 'Jay' Sherrerd, 78, investor and benefactor

John J.F. "Jay" Sherrerd, 78, cofounder of the investment firm Miller, Anderson & Sherrerd and a benefactor to educational institutions, died at his Bryn Mawr home Wednesday of a brain tumor.

In 1956, Mr. Sherrerd was working for Philadelphia National Bank when he was recruited to join Drexel Investment Co. by Paul F. Miller. The two men left Drexel in 1969 and with Clay J. Anderson Jr. established Miller, Anderson & Sherrerd, an investment firm in Conshohocken that specialized in managing pension and endowment funds. The firm grew from nothing, Miller said, to having $35 billion in assets when it was sold to Morgan Stanley in 1996.

"Jay was a good salesman," Miller said, "but more importantly, he was always an optimist. If I started to worry he would say, 'We can get it done.' He was always encouraging and positive."

"He was the most rational person I know," said John C. "Jack" Bogle, a friend, brother-in-law, and founder of the Vanguard Group. "Jay would think things through and not get swept up with the crowd." In 1972, Mr. Sherrerd told an investment seminar, "Do your homework and zero in on the best opportunities."

He was a careful gambler, his daughter Anne said. He would buy stocks in companies that he considered well-managed and financially sound that nobody else wanted, she said, and often invested in a company when it was receiving negative press attention. On trips to Las Vegas casinos, he liked playing craps because the odds were better than for other games and he could strategize, she said.

Mr. Sherrerd grew up in Merion. He attended Episcopal Academy from kindergarten through 10th grade and graduated from the Hill School in Pottstown. He earned a bachelor's degree from Princeton University in 1952. During the Korean War, he served in the Army artillery in Korea.

After his discharge, he earned a master's degree from the Wharton School of the University of Pennsylvania.

In 1956, he married Kathleen Compton. The couple raised three children.

A proud Princetonian, Mr. Sherrerd never missed a class reunion in 55 years, his daughter said. His car license plate read "JAY 52." He supported Princeton sports teams and over the last 20 years became an avid Princeton lacrosse fan. In the late 1990s, he was instrumental in funding Princeton's Class of 1952 Stadium, where the lacrosse team plays.

He served on Princeton's board of trustees for 20 years; was a longtime member of the Annual Giving Committee; cochaired the Development Leadership Committee; and was past director of the Princeton Investment Co. (Princo). "His leadership and generosity strengthened Princeton in countless ways. He was a Tiger of the finest stripe," said the university's president, Shirley M. Tilghman.

He took great pride in his advocacy of Princeton's decision in 2001 to eliminate loans from financial aid packages, his daughter said. His belief that excellent education should be available to anyone willing to work hard led to his donation of $1 million in 2000 to Gesu School, a Jesuit-run elementary school in North Philadelphia. He was a trustee at the school and served on its investment and capital campaign committees.

Mr. Sherrerd was also involved with other schools with family connections. He chaired the investment committee of Smith College, his wife's alma mater, for 23 years; served on the board of the Shipley School in Bryn Mawr, where his daughters graduated; and served on the Board of Overseers of the Wharton School.

He chaired his 50th Reunion Gift Fund Committee at Episcopal Academy in 1997 and was named Distinguished Alumnus that year. Since 2005 he had served as cochairman of the capital campaign at Episcopal Academy. "In recent years no person gave more of his time, treasure and talent to Episcopal," said Hamilton Clark, the head of the school.

He was particularly skilled at persuasive solicitations for large gifts, his daughter said. He preferred to give anonymously himself, she said, but if his example would encourage others to give, he would allow his name to be used.

He and Bogle played table tennis in their youth in Mr. Sherrerd's basement. A bystander was Mr. Sherrerd's little sister, Eve, who married Bogle in 1956. Mr. Sherrerd and Bogle later took up tennis, and in recent years were squash partners.

In addition to his daughter and sister, Mr. Sherrerd is survived by a son, Jay; a daughter, Susan; and six grandchildren. His wife died in 2005.

A memorial service will be at 10 a.m. April 19 at Bryn Mawr Presbyterian Church, 629 Montgomery Ave., Bryn Mawr.

Donations may be made to the John J.F. Sherrerd Memorial Scholarship Fund, Gesu School, 1700 W. Thompson St., Philadelphia, 19121 or to Princeton Annual Giving, P.O. Box 5357, Princeton, N.J. 08543.