William Donaldson, former US Securities and Exchange Commission Chairman and co-founder of Wall Street investment bank Donaldson, Lufkin & Jenrette has died, Yale University's School of Management said on Friday.

Donaldson, who was also the founding dean of Yale's School of Management, died on Wednesday, according to the university.

Donaldson, born in 1931, was chairman of the SEC from 2003 through 2005. He co-founded Donaldson, Lufkin & Jenrette in 1959.

He was appointed to his role at the SEC by President George Bush and was a member of President Barack Obama's original Economic Recovery Advisory Board.

Donaldson is survived by his wife, Jane, and his children Kim, Matt and Adam, and his three grandsons.