Chicago Booth Announces $60 Million Gift from Alumni Clifford Asness and John Liew to Name its Master in Finance Program
In recognition of this remarkable commitment, the new program will be known as the Asness and Liew Master in Finance Program
CHICAGO – The University of Chicago Booth School of Business today announced that Clifford Asness, MBA ’91, PhD ’94, and University of Chicago trustee John Liew, AB ’89, MBA ’94, PhD ’95, have made a gift of $60 million to name Booth’s new Master in Finance Program. In recognition, it will now be known as the Asness and Liew Master in Finance Program.
“Thanks to Cliff’s and John’s extraordinary generosity and leadership, the Asness and Liew Master in Finance Program will ensure that talented college graduates quickly reach the frontiers of modern finance,” said Madhav Rajan, Booth dean and George Pratt Shultz Professor of Accounting. “By providing broad support for faculty, students, and other areas of the program, this investment will enable the school to successfully carry out its mission to influence and educate this promising new group of leaders.”
The 15-month Asness and Liew Master in Finance Program is intended for recent college graduates who are seeking a master’s degree that builds on their analytical aptitude and allows them to start a career in finance with a competitive advantage over their peers. This program, along with Chicago Booth’s new Master in Management Program, was announced in 2023 as one of the school’s first new degree offerings in 88 years.
Taught by Booth’s dynamic faculty, the immersive Asness and Liew Master in Finance Program offers a rigorous, discipline-based course of study that is rooted in advanced quantitative methods in finance. Students have the opportunity to take classes about the technologies and advances that are disrupting the financial industry—from artificial intelligence to machine learning to blockchain technology. The program also offers students opportunities focused on career exploration and advising, such as the exclusive Leaders in Finance Speaker Series, as well as the option to specialize in an area that will help them stand out in the job market. Asness and Liew are co-founders of AQR, a global investment management firm established in New York City in 1998. Asness serves as managing principal and chief investment officer, and Liew oversees research and portfolio management and is a member of the firm’s executive committee.
The two have been longtime supporters of Booth. Their previous giving to the school has included investments in junior faculty fellowships, support for the naming of the Kent A. Clark Center for Global Markets, and the establishment of the AQR Capital Management Professorship, currently held by distinguished service professor Ralph S.J. Koijen.
“When I think about the difficulties of professional and intellectual success I think ‘there but for the grace of
Chicago go I!’ Everyone needs some luck in life, and my great luck was being there when I was,” said Asness regarding his reasons for making this new gift. “This chance to give something back — helping make Chicago for others what it was for me — is beyond gratifying. Thank you, Chicago.”
“It’s hard to overstate the impact that our time at Booth had on us professionally. We literally built our careers and our business around what we learned. This really is the least we can do,” added Liew. On the impact of this gift, UChicago President Paul Alivisatos, AB ’81, remarked, “I am deeply grateful to John and Cliff for their generous investment in Chicago Booth’s new curriculum and programming. Their commitment will make it possible for future generations of students to benefit from a Booth education.”
Armin Afsahi, vice president for alumni relations and development, also expressed gratitude for Asness’s and Liew’s generosity. “Both Cliff and John have made significant philanthropic investments in the university since their time as students, supporting the mission to provide a transformative education and conduct groundbreaking research. With this new gift, they will make a meaningful difference in the lives of students who will go on to make their own impact in the multidisciplinary field of finance.”