ENGLEWOOD CLIFFS, N.J., Jan. 9, 2015 /PRNewswire/ -- Robert (Bob) E. Zoellner, co-founder with his wife Victoria (Vickie) of the successful 38-year old investment firm Alpine Associates, passed away on Tuesday, Dec. 23, 2014. Bob was considered a pioneer in the merger arbitrage business. He was 82.

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Bob, often referred to by friends as "Z," began his career on Wall Street when he founded the firm EJ Roberts in 1956. In 1958 he joined Edwards & Hanly, where he rose to become managing partner in 1964. He remained with the firm until 1975.

In 1976, Bob and Vickie founded Alpine Associates, a firm specializing in merger arbitrage and long/short equity trading. The firm, which currently manages $1.6 billion of total assets, holds the distinction of being one of the first independent investment managers in the country. Vickie continues as President of Alpine Associates.

Bob's success led many to consider him an investment "guru" -- a characterization that he actively discouraged. Alpine's success, he insisted, was not due to his singular genius. It was the result of building a strong team, which he mentored with Vickie, to pursue a disciplined, consistent approach to investing. Bob lived for teamwork and camaraderie, and believed strongly that success is much more meaningful when it can be shared.

Don Stone, former Vice Chairman of the New York Stock Exchange said, "Bob was a visionary leader who treasured camaraderie above all things. He was a generous mentor, a fiercely loyal friend, husband and father, and an inspiration to those around him through his irrepressible optimism and generosity of spirit. He will be greatly missed."

Bob was born on April 26, 1932, in Irvington, N.J., to Emil John Zoellner and Anna Elizabeth Morton. He grew up in East Paterson, N.J., where he attended Lodi High School. Bob went on to Lehigh University, where he earned bachelor's degrees in electrical engineering and engineering physics in 1954. At Lehigh, Bob was co-captain of the ice hockey team and a member of the Air Force ROTC.

Following graduation, he served for two years in the Air Force, where he discovered his passion for the stock market. Bob's commanding officer sent him regularly to the local, Long Island, N.Y., brokerage office of Edwards & Hanly to obtain the prices of various stocks. With his curiosity piqued, Bob began to study the market closely.

He quickly discovered the market was driven not just by numbers but also by complex human emotions. This spurred Bob to combine the study of statistics from his engineering days with his keen understanding of human nature in order to analyze market behavior. Later, Bob discovered that the merger arbitrage business was an ideal fit for his approach to investing. Over the course of his long career, Bob developed a unique business model and investment philosophy that he and Vickie ingrained into the team at Alpine.

Two years after leaving the Air Force, Bob took a job as a regional manager with the very same brokerage firm, Edwards & Hanly, where he'd gone to check stock prices as a serviceman. Just six years later, he was running the entire firm.

Long before Bob's success in the financial industry, his entrepreneurial spirit was evident. As a 10-year old, he learned to be quick with his calculations while tending the cash register at his family's diner in East Paterson, N.J. In his early teens, he embarked on his first independent enterprise -- trapping muskrats on the Passaic River and selling the pelts for 25 cents each. Bob also cornered the market for the snow shoveling business in his neighborhood by signing up customers in the summer, thereby beating his competitors to the punch.

Bob was profoundly loyal to friends, family and long-time investors, and he was a generous philanthropist. In the early 1990s, Bob and Vickie established the Zoellner Arts Center at Lehigh University - a world class performing arts center that attracts renowned artists such as Yo-Yo Ma, Stevie Wonder and Kurt Masur conducting the New York Philharmonic. The Zoellner Arts Center, which transformed the university, is today one of the premier performing arts centers in the Lehigh Valley. He and Vickie actively supported the New York Botanical Garden - where they were Founding Sponsors of the annual Holiday Train Show and have been the show's principal benefactors for 23 years - the Hope & Heroes Children's Cancer Fund, the Trinity-Pawling School, and the Atlantic Salmon Federation. Bob and Vickie also supported several civic causes near their home in Bergen County, N.J., including their role as lead donors for the Education Foundation of Alpine's performing arts community center.

Sue Herera of CNBC said, "Bob was perhaps the most exceptional and exemplary man one could know; such a rare blend of acuity, intelligence, compassion, introspection, quiet enthusiasm, concentration, humor and most of all - fundamental kindness. He was a one-of-a-kind on Wall Street."

Bob remained committed to his alma mater, Lehigh University, where he served on the National Leadership Committee and from 1996 to 2004, was a trustee of the university. Together with Vickie, he was also an honorary trustee.

Bob's personal passions included fly fishing, bird hunting, tennis and supporting the New York Rangers, Giants and Yankees. He was also an avid stamp collector -- in 1996, he became only the second person to amass every U.S. postage stamp ever produced, including the rare 1868 1-cent "Z-grill."

A service for immediate family was held on Monday, Dec. 29, 2014. The family is planning a memorial service on a date to be announced.

Bob is survived by his wife Victoria Eckert Zoellner; three children, Robert E. Zoellner Jr., Alisanne Zoellner and Gordon Alexander Uehling III; and seven grandchildren.

In lieu of flowers, the family has requested that donations be made to The Robert E. Zoellner Fund at Hope & Heroes. Donations can be made either via credit card by clicking the link above or by sending a check to: Hope & Heroes, The Robert E. Zoellner Fund, Columbia University Medical Center, 161 Fort Washington Avenue, Irving Pavilion - 7th Floor, New York, NY 10032.

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SOURCE Alpine Associates