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Harvard gets $150M gift from Citadel founder

CAMBRIDGE, Mass. (AP) -- The billionaire founder of the Citadel hedge fund management company has given Harvard College the largest gift in its history, $150 million.

Harvard University announced alumnus Kenneth Griffin's gift Wednesday. It says the money is mainly for supporting its financial aid program, which Griffin calls "an investment in the next generation of leaders."

Harvard says Griffin's gift will impact up to 800 undergraduates a year.

Griffin started his investing career from his Harvard dorm room. He graduated in 1989 with a bachelor's degree in economics and founded Chicago-based Citadel the following year. He says the goal of his gift is to help ensure "Harvard's need-blind admission policy continues."

Harvard president Drew Gilpin Faust says Griffin's "extraordinary philanthropy is opening Harvard's gates wider to the most talented students in the world, no matter their economic circumstances."