Bruce I. Jacobs, co-founder of Jacobs Levy Equity Management, has made an $8 million donation to University of Pennsylvania's Wharton School to establish a professorship in quantitative finance and an academic award for second-year students in the school's new quantitative finance major.
The Dr. Bruce I. Jacobs Professorship in Quantitative Finance will support the appointment of faculty within the school's department of faculty in quantitative finance, according to a news release from the Wharton School.
The Dr. Bruce I. Jacobs Scholars in Quantitative Finance will award $25,000 to selected MBA students in their second year in the new quantitative finance major to support their tuition. Those students will form a group Jacobs Scholars that will also be invited to network with industry leaders at 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," Mr. Jacobs said in the news release. "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."
Mr. Jacobs is also co-chief investment officer, portfolio manager and co-director of research at Jacobs Levy Equity Management.