Morningstar Founder Gives $35 Million to University of Chicago

  • Donation creates institute focused on urban scholarship
  • Joe Mansueto previously gave $25 million for school library

Morningstar Inc.’s Chief Executive Officer Joe Mansueto and his wife, Rika, are giving $35 million to the University of Chicago, creating an institute focused on urban scholarship and education.

The Mansueto Institute for Urban Innovation will develop classes and internships as well as provide research funding for students and professors, the school said Wednesday in a statement. Mansueto is the founder of the Chicago-based investment information company and owner of Fast Company magazine.

“The dramatic rise in large cities over the past fifty years has created some of society’s most difficult problems and most promising opportunities,” Joe Mansueto said in the statement. “Rika and I want to put some of our resources towards addressing these issues.”

The Mansuetos, both alumni of the university, previously donated $25 million to support the construction of the school’s new library. The University of Chicago had a $7.6 billion endowment as of June 30.

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