$60 million new gift to university from Clifford Asness and John Liew

Clifford Asness and John Liew, hedge fund managers with five University of Chicago degrees between them, are donating $60 million to their alma institution, just days after the university revealed a second $100 million contribution.

The co-founders of quant firm AQR Capital Management made the donation to establish a master’s in finance program at the Booth School of Business, where both obtained MBAs, the school announced on Tuesday. They also obtained Ph.D. degrees from the university.

“Their contributions will not only allow future generations to experience the value of a Booth education, but also fortify this new pathway to earning a degree—offering more students the chance to pursue this opportunity at earlier stage in their academic and professional journeys than they might otherwise,” the president of Booth, Paul Alivisatos, said.

The University of Chicago has also been recognized for scholarship in its business department. Since 1982, ten Chicago Booth faculty members have received Nobel Prizes, including Eugene Fama for research on efficient markets and Douglas Diamond two years ago for work on banks and financial crises.

Asness is AQR’s managing principle and chief investment officer, while Liew is in charge of research and portfolio management and participates on the firm’s executive committee. The master of finance program will be named in their honor.

“Everyone needs some luck in life, and my great luck was being there when I was,” Asness added in the statement. “This chance to give something back — helping make Chicago for others what it was for me — is beyond gratifying.”

Last year, the business school got a $100 million contribution from Ross Stevens, an alternative asset manager who earned his Ph.D. there. His contribution supported the doctoral program, which was renamed in his honor.

The $100 million contribution that we announced a week ago included an unusual twist for such a huge money, especially one intended to promote free speech: the donor opted to remain anonymous.