Duncan MacMillan (businessman)

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Duncan MacMillan
Nationality United States
Alma mater B.S. Rutgers University
Occupation Mathematician; Businessman; Philanthropist
Known for co-founder of Bloomberg L.P.
Spouse(s) Nancy MacMillan
Children two
--Kevin MacMillan
--Alissa MacMillan

Duncan MacMillan is an American mathematician, philanthropist, and businessman known for being one of the four founders of Bloomberg L.P.[1] MacMillan is not to be confused with Whitney Duncan MacMillan, who made his billions in agribusiness.

Early life and education[edit]

MacMillan served four years in the United States Marine Corps after which he went to college.[2] In 1966, MacMillan earned a Bachelor of Science degree in Mathematics from Rutgers University. In 1967, he began his career working at Bankers Trust.[3]

Career[edit]

MacMillan worked at the investment bank Salomon Brothers with Michael Bloomberg, Thomas Secunda and Charles Zegar.[1] After Bloomberg - who was Salomon's former head of equity trading and sales and then head of computer systems and data - was fired when he opposed the takeover of the company by Phibro, a metals trading company, he invited Zegar, Secunda, and Macmillan to start up their own financial data company.[1] They accepted and together they founded Innovative Market Systems, with Bloomberg investing $300,000, the majority of seed capital.[1] Secunda, who was a mathematician, was responsible for analytics; MacMillan was the expert in customer needs; and Zegar created the software.[1] In 1982, they got their first customer, Merrill Lynch who ordered 20 data terminals and invested $30 million in the company (receiving a 30 percent ownership interest).[1] The company grew rapidly thereafter and presently has $7.6B in sales and over 15,000 employees. Bloomberg owns 88% of the company and the three other partners 4% each (In 2008, Bloomberg purchased back Merrill Lynch's original 30% share).[4][5]

Philanthropy[edit]

MacMillan is a Member of the Dean's Advisory Committee; he is a member of the Foundation of The Medical Center at Princeton. He has endowed a Professorship of Genetics at Rutgers University and a Professorship in Theoretical Computer Science at The Institute for Advanced Study.[3] He is also a generous supporter of The Cancer Institute of New Jersey where he serves on the board of directors.[3] His wife Nancy is a trustee of the Institute for Advanced Study and the American Repertory Ballet.[3] MacMillan and his wife are signatories of The Giving Pledge.[6]

Personal life[edit]

MacMillan is married to Nancy MacMillan whom he met while working at Bankers Trust.[2][3] Nancy has a B.A. in economics and mathematics from Connecticut College, a M.A. in economics from Hunter College, and a M.B.A. in finance from Rider University.[2] They have two children: Kevin and Alissa.[2]

References[edit]

  1. ^ a b c d e f Purnick, Joyce (2009). MIKE BLOOMBERG: MONEY, POWER, POLITICS. United States: PublicAffairs. p. 36,42,46. ISBN 978-1-58648-577-1. 
  2. ^ a b c d INSTITUTE for ADVANCED STUDY: Attributions - Nancy S. and Duncan L. MacMillan, Leading by Example 2003 - issue one
  3. ^ a b c d e The Cancer Institute of New Jersey: Board of Directors - Duncan L. MacMillan" retrieved March 30, 2013
  4. ^ de la Merced, Michael J.; Louise Story (July 17, 2008). "Bloomberg Expected to Buy Merrill's Stake in His Firm". The New York Times. New York. Retrieved 2008-12-08. 
  5. ^ "Bloomberg Stays Modest on His $16.2 Billion Worth". 
  6. ^ the Giving Pledge: "Duncan and Nancy MacMillan" retrieved March 30, 2013