Banker William Polk Carey Gives $50 Million to Arizona State University Business School

William Polk Carey, chairman of New York City-based investment firm W.P. Carey & Co., has announced a $50 million gift from his foundation to the college of business at Arizona State University.

The gift — the second-largest ever to a U.S. business school and the largest in the history of ASU — will be used to support faculty, students, and special initiatives at the school, which has been renamed the W.P. Carey School of Business in Carey's honor. Carey's ties to ASU stretch back to his grandfather John Samuel Armstrong, who introduced the legislation that created the university in 1886. Carey, whose firm is one of the world's largest real estate holding companies, had made previous donations to the business and law schools at ASU.

"The key to future economic growth is quality education, and this school will be dedicated to producing our country's next generation of business leaders," said Carey. "Arizona State University, one of the leading public universities in the country today, has played an important role in the history of my family and I am pleased that 118 years after its founding I am able to contribute to the advancement of the university my grandfather helped create in 1886."

A Baltimore native, Carey also has contributed to Johns Hopkins University, where his relative Galloway Cheston served as the school's first chairman of the board; Princeton University, where he studied as an undergraduate; and the University of Pennsylvania, which awarded him a degree in economics in 1953. Earlier this month, Carey announced a $10 million gift to the Baltimore-based Gilman School, a private boys school that was founded in 1897 by his grandmother, Anne Galbraith Carey.