Tattersall Gift Largest Single Donation for Distinguished Endowed Faculty Chair in West Virginia University History

MORGANTOWN, W.Va., Nov. 12, 2010 /PRNewswire/ -- A renowned investment expert and prominent Richmond, Virginia businessman has presented a gift of $3 million to the West Virginia University College of Business and Economics, university officials announced today. The gift, which will be paid over three years, represents the largest single donation for an endowed faculty chair position in University history and the largest single donation ever to the WVU College of Business and Economics.

Fred T. Tattersall, chairman of 1607 Capital Partners in Richmond and a 1970 alumnus of the WVU business school, said that the gift will be used to endow a faculty chair in the Finance Department of the College of Business and Economics. Tattersall said the gift will immediately affect business finance students and provide an avenue to give back by funding high-quality faculty.

"I wanted to honor WVU, which gave me a business foundation from which I was able to build a successful investment career," said Tattersall. "By funding a distinguished endowed chair, WVU will be able to attract and retain a well-regarded professor in the business finance field. To compete nationally, WVU needs more endowed chairs and I wanted to help (continue) enthusiasm for more chairs in the business school in the very near future. Many of my peers would see my lead which, hopefully, will create a snowball effect."

Dr. Jose V. Sartarelli, Milan Puskar Dean of the WVU College of Business and Economics, said Tattersall wanted to give back to WVU, but wanted to do so in a manner that could benefit the greatest number of students.

"Mr. Tattersall looked at a number of options for this generous gift because he wanted to have the greatest impact on students," said Dr. Sartarelli. "He really felt that funding this distinguished endowed faculty chair was the best way to do exactly that."

Tattersall graduated with honors in 1970 from WVU's College of Business and Economics with a B.S. in finance. He went on to serve as a senior vice president in the Fixed Income Division in what today is the Bank of America. He continued his career in investment management and in 1997 created the Tattersall Advisory Group, which currently manages more than $52 billion for institutional accounts. He retired from the business in June 2004 and is now chairman of 1607 Capital Partners, a Richmond-based investment management company established in 2007.

"Today is a great day for WVU and the College of Business and Economics," said WVU President James P. Clements. "As a successful alumnus and businessman, Fred Tattersall understands the importance of a college education and how private giving can make a difference. Recently, he asked how he could help the program from which he graduated. By making this extraordinary gift, I would say he found a great way to help ensure that the quality of education students receive now and in the future is among the best in the country. On behalf of a grateful University, I want to thank Fred Tattersall for his commitment and devotion to his alma mater."

"My wife and I realize that we have been blessed with many gifts, some of which are financial, and it is important to share those and be a good steward," said Tattersall. "We believe creating an endowed chair is demonstrating good stewardship! Great schools require great faculty and I want WVU to always be considered a leader in business education. This is one way to help us continue greatness."

"On behalf of the WVU Foundation team, I want to express our sincere gratitude to Fred for his generosity," said R. Wayne King, president and CEO of the WVU Foundation. "This wonderful gift will have a lasting impact on the College of Business and Economics and those students studying finance for generations to come."

Tattersall currently serves on the WVU Foundation Board of Directors; the executive committee of the University of Richmond board; the Spider Management Company committee, which oversees the University of Richmond's endowment fund; the Virginia Museum Board of Trustees; and the Hollywood Cemetery Board of Directors. He served as the past chair of The Community Foundation serving Richmond and central Virginia. In addition, he recently ended 20 years of service to the Jenkins Foundation.

The gift was made through the WVU Foundation, a private non-profit corporation that provides support for West Virginia University.

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SOURCE West Virginia University College of Business and Economics