Duncan MacMillan (businessman)

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 inherited his billions in agribusiness.

Duncan MacMillan
NationalityUnited States
Alma materB.S. Rutgers University
OccupationMathematician; Businessman; Philanthropist
Known forco-founder of Bloomberg L.P.
Spouse(s)Nancy MacMillan
Childrentwo
--Kevin MacMillan
--Alissa MacMillan

Early life and education

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

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

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

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
  1. Purnick, Joyce (2009). MIKE BLOOMBERG: MONEY, POWER, POLITICS. United States: PublicAffairs. p. 36,42,46. ISBN 978-1-58648-577-1.
  2. INSTITUTE for ADVANCED STUDY: Attributions - Nancy S. and Duncan L. MacMillan, Leading by Example 2003 - issue one
  3. 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". Archived from the original on 2011-08-13. Retrieved 2013-03-31. Cite journal requires |journal= (help)
  6. the Giving Pledge: "Duncan and Nancy MacMillan" retrieved March 30, 2013
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