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Gustav Wally, born Gustaf Axelsson Wallenberg 1905 in Stockholm, was a Swedish dancer, actor, impresario and theatre manager. He was a member of the the industrialist Wallenberg family. His father was the diplomat and business man Axel Wallenberg and his mother Elsa, nee Lilliehöök af Fårdala, descended from a very old noble family. Gustav Wallenberg deserted his position in the financial world in 1929 for the ballet in New York, and a part in the chorus line of the operetta "Bitter Sweet" , as Gustav Wally. Together with the Danish dancer Niels Wessel Bagge he created the dance company, The Wally Brothers. They were successful in the USA but never succeeded in getting contracted by the movie industry. Gustav Wally returned to Sweden in 1939 to manage a theater and to expand his dance company to a revue company, including comedians and singers. He managed theaters, staged shows, recorded several albums and appeared in nine feature films, before he took off to New York, now entering the career of a shipowner. In the 50's he teamed up with the Swedish producer Lars Schmidt to stage international productions of the musical "My Fair Lady". Gustav Wally died in a heart attack March 4, 1966, while flying from New York to Panama .