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Aetna Financial Services to Endow Chair, Fund Center at the University of Connecticut

Submitted by: Aetna, Inc.

Categories: Philanthropy & Corporate Contributions

Posted: May 15, 2000 – 12:00 AM EST

 

-- State Match Brings Contribution to Over $4 Million --

May 15 /CSRwire/ - Aetna Financial Services and The University of Connecticut announced today that Aetna will contribute over $2.7 million to the University of Connecticut's School of Business Administration. Combined with over $1.3 million in state matching funds, the total value of Aetna's contribution will exceed $4 million.
Aetna's gift will be used to endow a faculty Chair, and to fund the establishment of the Aetna Center for Financial Services within the School of Business Administration.

"Public research universities have a responsibility to contribute significantly to the economic progress of their state and region," said University of Connecticut President Philip E. Austin. "Aetna Financial Services' generous gift creates a wonderful partnership between a great university and a leader in Connecticut's business community, and I am enormously gratified by the confidence in our academic and research program signified by this support."

"Through this gift, we're pleased to demonstrate Aetna Financial Services' commitment to Connecticut in a way that benefits both the business and educational interests of our state," said John Y. Kim, President of Aetna Financial Services - U.S. "The success of our business depends on understanding why, when, and how Americans save. The dangerously low savings rate is a critical social and public-policy issue, and we believe our partnership with The University of Connecticut can be part of the solution -- a meaningful step toward improving Americans' ability and desire to save for their goals."

Part of Aetna Financial Services' gift will be allocated to endowing the Aetna Chair in Financial Services, a new faculty position in the School of Business Administration. UConn will begin a search for candidates immediately, and expects to fill the position by the fall of 2001.

The remainder of the gift will fund the creation of the Aetna Center for Financial Services. The Center will conduct research on long-term savings, investment, and income-management, and will seek to inform relevant public-policy debate. Fundamental to the Center's mission will be the creation of a financial-services database, to be sustained by and available to academic and corporate subscribers.

"Aetna Financial Services' investment in The University of Connecticut's School of Business Administration will provide interdisciplinary expertise on emerging issues in personal financial services," noted Thomas Gutteridge, Dean of the School. "Aetna Financial Services has advanced to the forefront in this new arena by partnering with UConn to establish a center of excellence in marketing and financial services."

Aetna Financial Services' contribution is one of the leadership gifts in the University's capital campaign, which will be announced next year. As part of the UCONN 2000 program, the Legislature has agreed to provide $1 for every $2 given to the University for endowment. Endowment funds are permanently invested with only interest from the investment used.

The University of Connecticut's School of Business Administration is recognized as a top business school in the Northeast. It is ranked 65th out of 1,200+ by the Princeton Review, and is ranked 15th in the nation among regional business schools by Forbes magazine in terms of the return-on-investment students can expect to earn from an M.B.A. Also, ComputerWorld ranked UConn in the nation's top 25 techno-M.B.A. programs.

Aetna Financial Services, through its operating companies, markets a wide array of investment-management products and services, including mutual funds and variable annuities, to businesses, educational institutions, state and local governments, non-profit organizations, and individuals. As of March 31, 2000, Aetna Financial Services-U.S. had over $77.2 billion in assets under management and administration, and serves nearly 2 million individuals and 37,000 plan sponsors.

Securities offered by Aetna Investment Services, Inc. and Aetna Financial Services, Inc. Financial planning available through Aetna Financial Services, Inc. Annuities issued by Aetna Life Insurance and Annuity Company (ALIAC). As of March 31, 2000, ALIAC had $56 billion invested through its products, including $42 billion in its separate accounts (of which ALIAC, or its subsidiary Aeltus Investment Management Company, oversees the management of $25 billion).

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