Bruce Kovner, the former chairman of hedge fund firm Caxton Associates, has made a generous contribution to establish a fellowship program at the renowned Julliard School.
The New York Times reported that Kovner’s $60 million donation will go toward creating a new scholarship program that will cover all of the expenses of a Julliard student, including tuition, supplies and room and board, plus a stipend to cover travel, books and equipment. The program is set to begin immediately.
The article also said that the program will initially allow for 25 Kovner fellowships, which will be awarded based on artistic accomplishment rather than financial need, with a gradual increase to 53 in 2018. Kovner, who is also chairman of Julliard’s board, also donated $20 million to the school last year.
Kovner announced his retirement from the hedge fund industry in 2011. He is currently the chairman of Caxton Alternative Management, an investment company he founded in 2012 after his departure from Caxton Associates.