The Rady School of Management at UC San Diego. Courtesy UCSD

Economist Harry Markowitz, recipient of the 1990 Nobel Memorial Prize in Economic Sciences, is donating $4 million to UC San Diego’s Rady School of Management.

The 89-year-old adjunct professor of finance and accounting is also donating his Nobel Prize and other medals to the school, where they’ll be on display in the dean’s office, the San Diego Union-Tribune reported

The university said Markowitz’s gift will establish the “Markowitz Fellows Program,” which will go toward recruiting and supporting students in areas such as decision science, mathematics and finance.

“I have taught in many places around the world but settled here at Rady, which is my home,” Markowitz told the newspaper. “This school has honored me in many ways. I was looking for a way to pay them back and decided to do it through fellowships, which were important in my own education in the 1950s. They made a big difference in my life.”

Markowitz, who was born in Chicago and studied under Milton Frieman at the University of Chicago, will turn 90 later this year but still runs a consulting business in Pacific Beach. According to biography on the UCSD website, he’s best known for establishing the Markowitz-efficient portfolio theory that revolutionized the management of financial portfolios.

— City News Service

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Chris Jennewein

Chris Jennewein is Editor & Publisher of Times of San Diego.