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Bethany College takes classroom Learning to Wall Street with $1 Million McCann Investment Fund

Published Monday, November 2, 2009, 2:29 PM

Updated Tuesday, November 3, 2009, 10:14 AM

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Read more: Bethany, Bethany College, Asset Management, Financial Services Sector, Investment Services, Business, Financial Markets, Investment Funds, Mutual Funds, Cindy McCann

Robert McCann talks about the new investment fund.

Monday Nov 2^nd 2009, Bethany, W.Va. — Bethany College today announced details of the McCann Family Student Investment Fund, where Bethany students will now serve as investment professionals responsible for a $1 million endowment and apply the financial savvy they have developed in the classroom to the real-world theater of investment management. The fund, established by Robert and Cindy McCann of Madison, N.J., positions Bethany as the first college in West Virginia to offer a student-led investment fund of this kind and one of only a handful of small colleges across the nation to do so.

The McCann Family Student Investment Fund will be administered by the students, with support from an expert advisory council. Students will be responsible for researching stocks, persuading associates of the wisdom of their investment recommendations and executing trades. They will be evaluated on their performance and will be required to develop regular reports on the results of their activities and work to best practice corporate governance and the highest standards of fiduciary care.

“The magnitude of this project is a reflection of how Cindy and I feel about Bethany,” McCann, a leading figure in the American Ireland Fund, shared. “The fund is an incredible opportunity for Bethany students to engage in unique, specialized learning experiences and enrich their education.”

Robert McCann, Chief Executive Officer of UBS Wealth Management Americas, is a 1980 graduate of Bethany College and serves as Vice Chairman of Bethany’s Board of Trustees. He and his wife, Cindy McCann, were inspired to initiate the venture in part because of the positive experience he had with a similar project as a graduate student at the Neeley School of Business of Texas Christian University (TCU), where he earned his M.B.A. McCann credits his experience with the TCU Educational Investment Fund as being the most valuable learning experience he had there and hopes to provide the same opportunity for Bethany students.

Dr. Scott D. Miller, President of Bethany College, stated, “Bob and Cindy’s commitment to Bethany over the years has been unique. The McCann Family Student Investment Fund adds another distinctive feature to the Bethany curriculum. For students to have the ability to invest these funds directly and be responsible for the performance of the fund is truly a remarkable opportunity.”

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Irish business was so strong during the 1990s that this period of rapid economic growth became known by the term Celtic Tiger. This period continued into the next century, slowing in 2001 before picking up again and finally slowing down in 2007. The provision of subsidies and investment capital by Irish state organizations encouraged major American tech firms like Microsoft, Intel and Dell to set up shop in Ireland. After 9/11, the Celtic Tiger slowed, but regained steam in 2003, ushering in a period some called Celtic Tiger 2. Dell had its major European manufacturing plant in Limerick. Irish business produced 25% of all European PCs. Google opened an office in Dublin. A new state body, Science Foundation Ireland, was created to help new science companies share in the Irish business boom. The building of the International Financial Services Centre in Dublin led to the creation of 14,000 jobs in the Irish business sectors of accounting, legal and financial management. The Irish business boom transformed one of Europe’s poorer countries into one of its wealthiest. Some of the causes of the Celtic Tiger are believed to be state-driven economic development, social partnership between employers, government and unions, more women in the workforce and a low tax rate for corporations, all of which had a positive effect on Irish business. The time zone difference between Ireland and the United States also helped Irish business, since Irish employees could start their work day while U.S. workers were still asleep. Unemployment had been 18% before the Celtic Tiger. By the end of the Irish business boom, unemployment was down to 3.5%. The success of Irish business created wealth that resulted in large investments in modernizing Irish infrastructure and cities.

Bethany College takes classroom Learning to Wall Street with $1 Million McCann Investment Fund

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