The Wharton School of the University of Pennsylvania has announced an $8 million gift from alumnus Bruce I. Jacobs (G '79, GRW '86) in support of a new major, a professorship, and a student scholarship program.
The gift will create a new cross-disciplinary quantitative finance major in Wharton's Finance Department, with a focus on preparing students for careers in financial engineering, quantitative asset management and trading, applied research, and risk management. The gift also will establish a professorship in quantitative finance named after Jacobs as well as the Dr. Bruce I. Jacobs Scholars in Quantitative Finance program, through which exceptional students entering their second year of the Wharton MBA program will receive scholarships of $25,000 to help offset the cost of tuition.
A longtime supporter of and former faculty member of the Wharton School, Jacobs, together with Kenneth N. Levy (WG '76, G '82), earlier provided support for the Jacobs Levy Equity Management Center for Quantitative Financial Research, the Jacobs Levy Equity Management Dissertation Fellowships in Quantitative Finance, and the Wharton-Jacobs Levy Prize for Quantitative Financial Innovation. He also is chair of the Advisory Board of the Jacobs Levy Equity Management Center for Quantitative Financial Research.
"My aspiration in giving to Wharton is to build a community of people interested and invested in quantitative finance and to spark a ripple effect on a global scale," said Jacobs. "Great progress has been achieved by the Jacobs Levy Center, Fellowship, and Prize at Wharton. Those successes and Wharton's commitment to the future of finance inspired me to deepen my support of students and the faculty who will enrich future generations of leaders and the broader economy. I can think of no better time for this initiative as we face new economic, health, and markets issues that will shape the world economy for decades."