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article imageInvestment manager donates $30 million to DePaul University

By Sean Fraser     Feb 15, 2012 in Business
Chicago - It is not uncommon for alumni of colleges to give back to their school once they've graduated and become successful. However, investment manager Richard Driehaus took it to a new level, giving $30 million to his alma mater.
Driehaus, chairman of Driehaus Capital Management, grew up on the south side of Chicago and earned his undergraduate business degree at the Catholic college, reports the CBS affiliate in Chicago. His sizable gift is the largest the school has ever received.
DePaul will use the interest gained on the gift to retain staff and recruit new professors. DePaul's business school will also be renamed after Driehaus.
Ray Whittington, the dean of DePaul's business college, says his main concern is remedying the shortage of staff for the school. Over a quarter of the 162 staff members of the business college will hit retirement age within the next 10 years.
According to a Chicago Tribune article, Driehaus was approached in June by the president of the school, the Rev. Dennis Holtschneider. Holtschneider told Driehaus that his "single biggest concern for the future of the school is commanding some of the best faculty available. Would you consider doing something on a very aspirational level to keep the school strong for another generation?" He then asked for $30 million
Driehaus recalled that the reverend's "voice was a little weak" when he asked for the amount. Driehaus told him he'd think about it. He officially committed to the donation last December.
DePaul University, founded in 1898, is the largest Catholic university in the U.S., and their College of Commerce (now renamed The Richard H. Driehaus College of Business) is 100 years old.
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