Over the Top
- © 2019 Tamzin B. Smith
For the first time since its inception in 2008, The Brown Advisory Student-Managed Investment Fund has gone over the $1 million mark.
Washington College’s Brown Advisory Student-Managed Investment Fund hit a new high in late March, climbing to $1,000,595—the first time the fund, which launched in 2008 with a $500,000 gift from Jim Price P’80 H’90, has cleared the $1 million mark. And, the fund’s performance was up 2.21 percent last month versus the S&P 500, up 1.79 percent, noted Richard S. Bookbinder P ’10, an adjunct professor and distinguished executive-in-residence who teaches in the program.
“Congratulations to the students in this year’s class, as well as the students who have participated over the last several years and added many of the positions that we still currently own,” Bookbinder said.
The milestone mark happened only a week after Bookbinder joined College President Kurt Landgraf, faculty, staff, students, and several CEOs to pay tribute to Price and to dedicate the Brown Advisory Investing Lab, where students who are members of the student-managed fund study and work using real-time data and information about the stock market to invest the seed money that Price gave to begin the program.
Price, a former member of the Board of Visitors and Governors, was a partner and managing director of Alex. Brown & Sons, and a senior advisor at Brown Advisory. In addition to founding the Brown Advisory Student-Managed Investment Fund, in 2014 the W. James Price IV Professorship in Business Management was established in his honor through a $1 million gift from the Eugene B. Casey Foundation.
At the event honoring his late father, Jonathan Price ’80, vice president of Brown Advisory, said he was just starting out in the investment business, his father gave him this piece of advice:
“He said, ‘Buy when you’re scared to death, and sell when you’re tickled pink. And you and your clients will do well,’ ’’ Price said. “Jim would be tickled pink to know how well this is going … his love for Washington College exceeded none other. He loved investing. He loved youth. He was a mentor to many, including myself… On behalf of the whole Price family, I thank everyone at Washington College. I’m very proud of you and proud of what’s been done here.”
Brady J. O’Neill ’19, a double major in business management and economics and a member of the investment fund program, said “the opportunity to be part of a club where students can be in charge of $900,000 is not very common on many campuses in this country.” He says the experience has given him a competitive edge in post-graduate opportunities, and he is “exceedingly thankful for this program.”
“I didn’t know Jim Price, but I feel like I do,” said Susan Vowels, chair and associate professor of the Department of Business Management. “When I observe these students, I can see the impact he has had.”
Others attending the dedication were Mike Hankin, President and CEO of Brown Advisory, Jim Loree, CEO of Stanley Black & Decker, and Rebecca Corbin Loree ’00, CEO of Corbin Advisors and a member of the Board of Visitors and Governors.
“I hope your family is really proud of this legacy,” College President Kurt Landgraf said. “And it’s not just the money. It’s the intention he had to do something good for young people, something extraordinary. It matters.”