Hedge fund manager Magnetar Capital LLC is expanding its successful high school financial literacy program, Magnetar Youth Investment Academy, through a partnership with the University of Chicago.
Magnetar Capital Foundation will provide $5 million to the UChicago STEM Education program for pre-college mathematics and science education to oversee, develop and grow the financial education program.
Evanston, Ill.-based Magnetar launched the academy in 2011 to provide high school students with 30 hours of free classroom and hands-on experience in managing their budgets, debt, savings and investments. To date, 50 Chicago-area high schools have put almost 6,000 students through the program.
“UChicago STEM Education's expertise in K-12 education will help scale what we have started and fill a need for additional teacher training and student tools,” said David Snyderman, managing partner and global head of fixed income at Magnetar, in a joint news release.
“We have a rich history of working with educators and administrators from Chicago and across the country in evaluating and building models and tools that improve pre-college education. Through our multiple platforms and broad networks of educators and institutions, we can expand the reach and impact of Magnetar's program,” added Andy Isaacs, executive director of UChicago STEM Education, in the news release.
Magnetar Capital manages $13.1 billion in hedge funds and other strategies. Size of the Magnetar foundation could not be learned.