Griffin Gives $150 Million To Harvard

Feb 20 2014 | 9:14am ET

The richest university in world just became more so, thanks to a huge donation from one of its richest alumni.

Citadel Investment Group founder Kenneth Griffin yesterday announced a $150 million donation to Harvard University, the largest-ever to the school. Nearly all of the money will go towards some 800 undergraduate scholarships.

Harvard's endowment is the largest in the world, at more than $30 billion. But in terms of single donations, it has lagged behind gifts such as the $600 million given to the California Institute of Technology by Intel co-founder Gordon Moore in 2001, the $400 million financial-aid donation to Columbia University in 2007 and the $350 million former New York Mayor Michael Bloomberg gave his alma mater, Johns Hopkins University, last year.

Harvard recently kicked off a new $6.5 billion fundraising effort—and has already collected $2.8 billion.

Griffin said he was drawn to giving to financial aid by another Harvard alumnus, Goldman Sachs CEO Lloyd Blankfein. The average cost of a Harvard education has risen to more than $60,000 per year.

Griffin got his start trading during his Harvard days, and founded Citadel just a year after graduating. He said he spent hundreds of hours reading finance books at the Harvard Business School library during his four years, a fact commemorated by having $10 million of the gift endow a new professorship at that school.

In honor of Griffin's generosity, Harvard's financial aid office will be named for him.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.