According to reports James McDonald, head of Rockefeller & Co., a New York City-based investment management firm, died of an apparent self-inflicted gunshot wound on Sunday in Massachusetts.

McDonald had served as president and chief executive of the firm since 2001 and was also on the board of NYSE Euronext and previously served on the CIT Group board but retired earlier this year from that post.

Austin Shapard, Rockefeller & Co.'s chief operating officer and chief financial officer is said to be taking over the daily leadership of the firm.

Rockefeller & Co. originated as a family office set up by John D. Rockefeller in 1882 and currently has around $6 billion in assets under management according to the company's Web site.