The son of a pediatrician, JackManning got his start managing investments for Fleet Bank, where he quickly made his mark using tax shelters to protect portfolio gains. In 1974, Jack and his partner, Herb Collins, founded Boston Capital.
The firm worked exclusively with real estate until it nearly went bankrupt as interest rates hit 12%. Forced to look for more recession-proof industry, the two discovered low-income housing rentals and the firm became the middleman between investors looking for tax credits and developers desperate for funding. In 2001, Jack bought out Herb and continued to expand Boston Capital into mortgage financing, higher-scale apartments and even wind energy.