Leading financial services firm UBS Investment Bank donated $1 million to the Amos Tuck School of Business Administration for use in the school's admissions office, Tuck officials announced on Friday. Tuck's admissions office will now be named the UBS MBA Admissions Suite in recognition of the grant.
UBS is the top financial recruiter at Tuck and the firm's CEO said he hopes to continue attracting viable candidates for employment from Tuck by supporting the school's admissions department.
The $1 million donation, to be used over the course of 10 years, was allotted to the admissions department to use at its own discretion.
The office plans to allocate this year's portion towards enhancing its physical appearance and has not yet decided how it will spend the remaining money.
UBS's steady recruitment at Tuck has led to strong ties with the school. Mark Altman Tu '78 and Mike Stockman Tu '85 were two senior delegates from UBS involved in the donation arrangement, while John P. Costas Tu '81 is the chairman and chief executive officer of UBS Investment Bank.
In addition to maintaining a strong business relationship with the school, Costas also has a personal connection with Tuck as a member of its board of overseers.
"We are pleased to support the Tuck School," Costas stated in a Tuck press release. "UBS' contribution signifies that Tuck is an important partner in the firms' commitment to attracting top-tier MBA talent."
In December 2004, UBS awarded a similar $1.25 million grant to the admissions office of the Wharton School of Business at the University of Pennsylvania. As a result, Wharton's admissions suite currently bears the same name as Tuck's newly endowed office, the UBS MBA Admissions Suite.
While Wharton received a greater amount of money from UBS, the school boasts a student body that is four times the size of Tuck's and therefore received a smaller amount per capita. Wharton also has strong ties to the investment banking firm: UBS' chief operating officer, Robert Wolf, is a 1984 graduate of Wharton.
In recent years, UBS has consistently supported Tuck with financial donations. Previous funding from the company has assisted Tuck's annual Diversity Conference, Finance Club and various student competitions and orientation activities.
Tuck Dean Paul Danos expressed gratitude for UBS' continued interest in supporting the school in its numerous endeavors.
"The generosity of UBS has been outstanding," Danos said in a press release. "We are excited about our growing partnership with this corporation."
Tuck Director of Public Relations Kiki Keating conveyed similar sentiments regarding UBS' continued dedication to the school as displayed through the monetary gift.
"It's a signal of their long-term commitment to the school and their great relationship with Tuck," Keating said.
UBS is one of the world's largest wealth managers and has headquarters in Zurich and Basel, Switzerland. It has operations in over 50 countries across the globe.
