Harvard University has announced a $150 million gift from alumnus Kenneth Griffin ('89), founder and chief executive officer of multi-strategy hedge fund and asset management firm Citadel.

The largest gift in the history of Harvard College will provide undergraduate scholarships to two hundred Griffin Scholars a year as well as matching funds through a new challenge fund in support of an additional six hundred scholarships. The gift also includes $10 million to establish a Griffin Professorship of Business Administration at Harvard Business School.

"Ken Griffin's extraordinary philanthropy is opening Harvard's gates wider to the most talented students in the world, no matter their economic circumstances," said Harvard University president Drew Gilpin Faust, who noted that the gift from Griffin will ensure the continuation of the Harvard Financial Aid Initiative, which was launched ten years ago to make the cost of a Harvard undergraduate education more affordable to outstanding students around the world. "Harvard is more accessible than ever before, and, with an increased focus on teaching, learning, and research across the university, we are better prepared to educate young scholars in all areas of academic inquiry."

Griffin previously established a scholarship at Harvard named in honor of his grandfather, Wayne R. Gratz, and served on the Faculty of Arts and Sciences Financial Aid Task Force, which approved a new financial aid case statement for the college and focused on raising additional support from alumni.

"It is extremely important that students of all backgrounds have the opportunity to challenge themselves, learn to solve complex problems, and ultimately better our world," said Griffin. "My goal with this gift is to help ensure that Harvard’s need-blind admission policy continues, and that our nation’s best and brightest have continued access to this outstanding institution."