Arthur Samberg and Mario Gabelli announced that they have pledged a combined US$40 million to the Columbia Business School. The endowment will be used to help finance a plan to expand the campus. Arthur Samberg is the founder of Pequot Capital Management Inc., an investment firm with over US$3.5 billion in assets under management, while Mario Gabelli is the chairman of Gamco Investors Inc., an investment firm that provides variety of value, growth and specialized equity funds.
According to an e-mailed confirmation from the university in New York, Arthur Samberg will provide the school US$25 million while Mario Gabelli will supply US$15 million. The planned business school campus is estimated to cost around US$600 million, a university spokesman said. Both Samberg and Gabelli got their business degrees from Columbia Business School in 1967.
"I am extraordinarily grateful to accept these generous pledges. Thanks to their support, our new Manhattanville campus will feature classrooms of tomorrow and other cutting-edge innovations," Columbia Business School dean Glenn Hubbard stated in the statement.
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