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New York’s Fordham University has received $25m from a graduate of the business school’s undergraduate programme, Mario Gabelli, chief executive of Gamco Investors, the asset management and financial services firm. As a result, the Jesuit University will rename its undergraduate business college the Gabelli School of Business.
The donation will enable Fordham to expand the number of student scholarships and chaired faculty positions as well as establishing the Center of Global Investment Analysis, to research and teach on capital markets.
Mr Gabelli, who also holds an MBA from Columbia University, has made donations to several educational institutions. “Education is the great leveller, the engine of America’s meritocracy, and it must remain so for the country to compete in the global economy,” he says. “My grandfather died in a coal mining accident in Western Pennsylvania, one hundred years ago, and my family always stressed the importance of education as a stepping stone to creating a better life. I am proud and blessed to be able to contribute to that effort.”
President of Fordham, Joseph McShane, said it was impossible to overstate what the gift meant to the university. “His extremely generous gift will greatly enhance Fordham’s ability to deliver a world-class business education.”