Marblehead News staff
Terrence Byrne Magrath passed away at home, surrounded by family and friends, on October 20th, 2022 after a four-year battle with Alzheimer’s Disease. He fought to the end with characteristic determination and bravery. Terry was born on July 25, 1936, in Upper Darby, Penna. to the late Dr. Joseph Magrath and Frances Eveler Montgomery. He graduated from Malvern Prep in Pennsylvania and attended the Bullis School in Silver Spring, Maryland. In 1954, he was admitted to the United States Naval Academy.
Terry served as the Chief Engineer of the In-house Radio Station “WRNV” and as the President of the Physics Club. Upon his graduation from Annapolis, Terry was commissioned into the Air Force in 1958, and shortly after he married Marilyn Grey, RN. Together, they had two children, Kelly Anne and Michael Joseph. Terry was a devoted father, Kelly and Michael brought much joy to his life. He attended Air Force flight school and earned his wings in 1959.
He was selected to become a flight instructor and spent the next five years training student-pilots in everything from aviation basics to advanced fighter tactics, first at Greenville, Mississippi, and later at Williams Air Force Base, (AKA “Willie”) in Chandler, Arizona. Terry was a natural aviator and was assigned special missions that only an expert pilot could accomplish. These included training NATO allies, flying F-101 Voodoo fighters during the Cuban Missile Crisis, demonstrating the capabilities of the new supersonic T-38/F-5 jet to our allies, and conducting sensitive missions vital to national security in the Far East. The nation owes Terry a debt of gratitude for his faithful service to freedom and democracy.
After the Air Force, he earned an MS in Industrial Administration from Carnegie Mellon University and joined US Steel as Assistant to the President of Universal-Atlas Cement. Shortly thereafter he was transferred to Wall Street to become an investment manager for US Steel’s substantial pension fund. In 1968, Terry was invited by Ned Johnson to join Fidelity Management & Research’s Investment Management Services in Boston.
Terry was a forerunner in promoting the benefits of international asset allocation in light of Modern Portfolio Theory. He found much success marketing associated products to institutional and corporate pension clients. He also worked to establish and expand Fidelity’s overseas business, including helping to open and expand the London and Tokyo offices. His contributions were essential to Fidelity International’s early and rapid growth. In 1972, Terry married Katherine Busboom and they moved into an iconic seaside house in Marblehead, MA where they were generous hosts to family and friends. In 1982, Terry and Katherine founded ValueQuest, Ltd., a private investment management company headquartered in Marblehead.
They were pioneers in international value-oriented public equity investing for pension funds. They successfully ran the company for twenty years. In the late 1980s, Terry served as Chairman of the Board of the Peabody Essex Museum in Salem and helped guide the local museum to become an institution of international acclaim. Terry also served as Chairman of the Harbors and Waters Board of Marblehead, MA for ten years. In the mid-90s, Terry served as Chairman of the Board of AtlantiCare Medical Center in Lynn, MA serving a population of 80,000, mostly blue-collar workers or recent immigrants. During a tumultuous time in healthcare, he positioned the hospital for a successful merger with North Shore Medical Center and Partners Health (now Mass General Brigham), one of the very top institutions in the country, thus securing the continuation of hospital care in the cities of Salem and Lynn. He went on to chair the NSMC Board and to serve on the Partners Board. During this period, Terry’s daughter Kelly suffered several brain hemorrhages resulting from a prenatal aneurysm.
While little was known about her condition, Terry’s swift action and commitment to providing her with the best medical care available saved her life and gave her an additional thirty years beyond what could have been expected at the time. Terry was steadfast in his attentive care of her until she finally passed away in 2012. Terry was an avid sailor and his passion was Gesina, his 49-foot Hinckley yawl. He and Katherine sailed extensively with family and friends, from Maine to the Caribbean, for twenty years. He was also on the Board of the Corinthian Yacht Club in Marblehead, where they were regular participants in the club’s cruises. In the early 2000s, they retired to Naples, where Katherine sadly passed after a long battle with cancer. In 2008, Terry went on a blind date with Patrice McKenney. They married over a year later and moved to Switzerland for Patrice’s work. While living in Nyon, they traveled throughout Europe, enjoying the unique life of expatriates. It was a beautiful start to a very happy marriage.
They returned to Naples in 2012 to their home in Grey Oaks where Terry played golf and enjoyed friends at the dog park with their two collies. With his generosity of spirit, authenticity, sense of humor, and enormous love of life, Terry impacted so many people for the better and he will be sincerely missed. Terry is survived by his wife, Patrice Magrath, her sons, Michael Patrick and Brian Costelloe and Brian’s wife Sasha Sibilla. He is also survived by his son, Michael Joseph, his wife Adria, and their daughter Magdalene Grey Magrath. Terry was predeceased by his daughter Kelly Anne Magrath in 2012. The family thanks everyone at McKenney Home Care for their support and help in making his final months comfortable. Also, sincere thanks to Avow Hospice who provided expertise as well as loving care in the final days.
Memorial Services and Celebration of life for family and friends will take place at Fuller Funeral Home, 1625 Pine Ridge Road, NAPLES, FL 34105 from 9:30 a.m. – noon on Oct. 29. There will be a celebratory luncheon at 1:30pm at Naples Yacht Club for those in attendance. In lieu of flowers, donations can be sent to the Tunnel to Towers Foundation. For online condolences, please visit www.fullernaples.com Fuller Funeral Home – Naples, FL