Reinfried Pohl was born in Germany. Mutual fund magnate Reinfried Pohl died on June 12, 2014. He founded Deutsche Vermoegensberatung, known as DVAG, in 1975 and turned it into a leading German financial services broker with 6 million customers. He ranked number 828 on Forbes 2014 list of the World's Billionaires with a net worth estimated at $2.1 billion. Generali Deutschland Holding, the German unit of Italian insurer Assicurazioni Generali SpA, owns 40% of DVAG. Pohl's family owns the other 60%. Pohl was 86 and died of heart failure, according to a statement on the company website. Pohl's two sons, Andreas Pohl and Reinfried Pohl, Jr., took over leading the company after their father's death.