Magnetar founder Alec Litowitz gives $10 million to Northwestern – Finance News

on Sep12

12 September 2017 | 6:48 pm

Magnetar founder and CEO Alec Litowitz and his wife Jennifer Leischner Litowitz donated $10 million to Northwestern University’s Weinberg College of Arts and Sciences to create a new dual-degree graduate program in creative writing and English.

The school said in a statement today that the three-year program will offer a master of fine arts in creative writing and a master of arts in English, with the English Department enrolling the first class in the fall of 2018.

Alec Litowitz, whose Evanston-based firm runs the second-largest hedge fund operation in the Chicago area with nearly $14 billion under management, seems to be the only member of his family who didn’t attend Northwestern. Jennifer Litowitz graduated from Weinberg Phi Beta Kappa in 1991 with a bachelor of arts degree in English literature, and his parents both received graduate degrees from the institution, with his mother, Bonnie Litowitz earning masters and post doctoral degrees in linguistics from Weinberg, and his father, Norman Litowitz, earning an MD from the university’s Feinberg School of Medicine. (Alec graduated from MIT with a Bachelor of Science in Mathematics and Anthropology and earned juris doctorate and masters of business degrees from the University of Chicago.)

The couple has formerly donated to Northwestern, and Magnetar’s foundation has also previously contributed to the school’s rival University of Chicago, which received $5 million last year for UChicago STEM Education.

Alec Litowitz previously worked for Citadel, the Chicago investment firm founded by billionaire Ken Griffin. Citadel is the biggest hedge fund firm in the city, and exiting managers founded a number of other firms in the city.

Magnetar didn’t immediately respond to a request for comment from Litowitz.

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