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

High Time For A Cannabis Hedge Fund?

Sep 30 2014 | 7:07am ET

Launching a hedge fund is always a gamble, but Leslie Bocskor's decision to launch...

Lifestyle

Griffin Donates $1M To Rauner's Illinois Gov. Campaign

Sep 22 2014 | 9:29am ET

Hedge fund billionaire Kenneth Griffin definitely has a dog in this fight. The Citadel...

Guest Contributor

Appraisal Ratio Key To Evaluating Hedge Funds And Other New Investments

Sep 29 2014 | 3:07pm ET

As a former finance professor Peter Hecht experiences heartburn every time he hears...

 

Videos

Editor's Note

    Must Attend Hedge Fund Charity Events For October

    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…

 

Futures Magazine

September 2014 Cover

High frequency market making

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...

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.