Duncan MacMillan (businessman)
Duncan MacMillan | |
|---|---|
| Alma mater | Rutgers University (B.S. in Mathematics, 1966) |
| Occupation(s) | Mathematician, entrepreneur, philanthropist |
| Years active | Since 1967 |
| Known for | Co-founder of Bloomberg L.P. |
Duncan MacMillan is a prominent American mathematician, entrepreneur, and philanthropist, known as one of the quartet who founded Bloomberg L.P.. He should not be mistaken for Whitney Duncan MacMillan, who is a distinct heir in the agribusiness sector.
Early life and education
Following a four-year tenure in the United States Marine Corps, MacMillan obtained a Bachelor of Science degree in Mathematics from Rutgers University in 1966. The subsequent year, he commenced his professional journey at Bankers Trust.
Career
MacMillan's career included a position at the investment bank Salomon Brothers, where he worked alongside Michael Bloomberg, Thomas Secunda, and Charles Zegar. After Bloomberg was terminated due to his resistance to the firm's acquisition by Phibro, he invited MacMillan, Secunda, and Zegar to join him in founding a financial information company. They launched Innovative Market Systems with an initial investment of $300,000 from Bloomberg as seed funding. Secunda was responsible for analytics, MacMillan concentrated on client relations, and Zegar managed software development.
In 1982, their inaugural significant client, Merrill Lynch, purchased 20 data terminals and contributed $30 million for a 30% equity share. The enterprise experienced swift growth and currently reports revenues of $7.6 billion with a workforce exceeding 15,000. Ownership is divided with Bloomberg holding 88%, while MacMillan and the other two co-founders each maintain 4%. In 2008, Bloomberg reacquired Merrill Lynch’s original equity stake.
Philanthropy
MacMillan participates on the Dean's Advisory Committee and supports The Medical Center at Princeton through its Foundation. He has funded endowed chairs in Genetics at Rutgers University and in Theoretical Computer Science at the Institute for Advanced Study. Additionally, he serves on the board of The Cancer Institute of New Jersey. His spouse Nancy acts as a trustee for both the Institute for Advanced Study and the American Repertory Ballet. Together, they have pledged their commitment as signatories of The Giving Pledge.
Personal life
Married to Nancy MacMillan, whom he met during their time at Bankers Trust, Duncan shares a family with two children: Kevin and Alissa. Nancy earned her B.A. in economics and mathematics from Connecticut College, followed by an M.A. in economics from Hunter College and an MBA specializing in finance from Rider University.