Wednesday, 1 October 2014
Last updated 45 min ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...