Joseph C. McNay YC ’56
Chairman, Chief Investment Officer
& Managing Principal
Essex Investment Management Company
A gift toward the construction of the new campus
"I’m in the investment management business. I’ve had the privilege of starting
two investment management companies. The first, in 1966, was called
Endowment Management & Research, which was formed by Yale. My job
was to build the non-Yale part of the company. We did very well, and after
about 10 years I left to start Essex Investment Management Company, which I still run. Even at Essex, my connection to Yale remained strong. Nearly 30 years ago I had the honor of managing the money for the Class of 1954’s 50th reunion. We started with $370,000, which grew to over $90 million by the time of the reunion in 2004. It was particularly wonderful to accomplish this since I attended Yale on a full scholarship, and Yale has been very important to my life. I’m willing to do just about anything I can to benefit Yale.
My relationship with the School of Management began several years ago when I was invited down from Boston to give some speeches. I saw how the school was evolving and improving and I understood how crucial it was to Yale for the School of Management to become a great institution. And it has done so. I consider it one of the top five business schools in the country. When I speak to people on Wall Street, it’s easy to see how the school has achieved a leadership role in business. One reason, I believe, is how well the School of Management has reached out to Yale alumni. This has been crucial to the school’s success.
I am also a big supporter of the new campus. The school has clearly outgrown the buildings along Hillhouse Avenue. Things are crowded and also too spread out. The school needs a new campus just to keep up with its rivals. The school needs to be pulled together, so students and faculty can better interact and for better organizational control. The School of
Management deserves a campus worthy of its role in the business world."