Contacts: Catherine Peloquin, Carlson School of Management (612) 626-0556
Martha Douglas, University of Minnesota Foundation (612) 626-9712

U of M Receives $10 Million for Carlson School Undergraduate Center

MINNEAPOLIS / ST. PAUL--Alumnus Herbert M. Hanson Jr. and his wife, Barbara, have made a $10 million gift to the Carlson School of Management at the University of Minnesota to support the expansion of the Carlson School’s undergraduate program. The gift will be used to construct a new facility adjacent to the existing Carlson School building to serve more undergraduate students.

Hanson announced his gift March 26, 2004, at the Carlson School’s Board of
Overseers meeting. University President Robert Bruininks joined donor Hanson and Carlson School of Management Dean Larry Benveniste at the announcement.

Herb Hanson, a Browns Valley, Minn. native and 1949 University of Minnesota graduate in economics, founded the San Francisco-based Hanson Investment Management Co., a money management firm with more than $3 billion in assets when he retired in 1993. Hanson said his gift is in gratitude for the education he received at the University of Minnesota.

“My education was the key to my success, and now I want to do what I can to help more of today’s students get a good start in their careers,” said Hanson, who returns to campus twice a year to speak to students. A member of the Carlson School’s Board of Overseers, Hanson helped launch the Carlson Funds Enterprise, an MBA student-led fund management business managing more than $15 million, and he serves as a member of the enterprise's advisory board.

Hanson also credits his success to his former business professor, the late Arthur Upgren, who became a close friend and mentor. “Professor Upgren showed such interest in me, not just as a student but as a person,” said Hanson. “I’m not sure I would have chosen economics and finance if it hadn’t been for his interest in me. I want to help future generations of graduates have similar experiences while
they’re at the Carlson School.” In 1999 Hanson honored his favorite faculty member by making a $1.25 million gift to establish the Arthur R. Upgren Chair in Investment Management at the Carlson School.

The Carlson School would like to increase the number of students it can enroll in the undergraduate business program by 50 percent. Currently, the school admits only 15 percent of those who apply, because of space limitations. Many of those who are not admitted are some of the state’s best students, and 80 percent are Minnesota residents. Of those not admitted, fewer than half choose to attend another college at the university and many choose to leave the state altogether.

“We need to keep more of our future business and community leaders in the state by making it possible for them to begin their careers here at the University of Minnesota,” said Benveniste. “At least half of our alumni remain in Minnesota after they graduate, so increasing the size of our programs is a critical step in creating a sound economic future for the state.”

With 450 undergraduate degrees awarded in 2003, the Carlson School has one of the smallest undergraduate business programs in the Big Ten. The quality of the undergraduate student body is the highest at the University of Minnesota.

“With this gift, Herb and Bar Hanson are making it possible for the Carlson School to take a very important next step toward increasing the size of the undergraduate program and creating more opportunity for Minnesota students who hope to pursue a business career,” said Bruininks. “I am so grateful for this gift, and for the time and effort Herb has dedicated to the Carlson School through his
work with the students and faculty.”

The new Undergraduate Center will provide large classrooms that will allow the school to increase enrollment in each section of its seven required courses. Undergraduate services, computer labs and program offices will also be located in the center. The school hopes to open the new facility in 2008.

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