Robert Addison Day

Robert Addison Day
Robert Addison Day
Born	11 December 1943 (age 82); Los Angeles, California, U.S.
Died	14 September 2023 (aged 79); Los Angeles, California, U.S.
Occupation(s)	Entrepreneur, investor, philanthropist
Years active	1960s–2023
Known for	Founder of Trust Company of the West (TCW Group); chairman and president of W. M. Keck Foundation

Robert Addison Day (December 11, 1943 – September 14, 2023) was a prominent American entrepreneur, investor, and benefactor. He established the Trust Company of the West (TCW Group) and served as its chairman and CEO until 2009. Additionally, Day held the positions of chairman and president at the W. M. Keck Foundation.

Early life

Day was born in Los Angeles, California and completed his Bachelor of Science degree in economics at Claremont McKenna College in 1965.

Financial career

His professional journey began at White, Weld and Company located in New York City. In 1969, he initiated Cypress Partners LP, an early hedge fund concentrating on spotting companies that were either undervalued or overvalued. Two years afterward, he founded the Trust Company of the West (now TCW Group), an asset management enterprise. In 2001, Day sold a 70% stake in TCW to Société Générale for $2.5 billion while maintaining a 30% share owned by employees.

He also created and chaired Oakmont Corporation, a family investment firm based in Los Angeles established in 1980.

Other ventures

Day's family holds ownership of Cabo Del Sol, a master-planned community spanning 1,800 acres in Cabo San Lucas, Mexico. In 2021, he and Oakmont Corporation revealed plans to develop a new Four Seasons Resort and Residences adjacent to the Cove Club, which is a private club covering 500 acres within Cabo Del Sol.

As the principal owner of Foley Timber and Land Company, Day oversaw about 560,000 acres of timberland in Florida, ranking him among the largest landowners in the state. His partners included Howard H. Leach, Ken Langone, and Henry Kissinger. The timberland was purchased from Procter and Gamble in 1994 and later sold in 2015 as the largest undeveloped private landholding east of the Mississippi River.

Board positions

Day held board memberships at companies such as Freeport-McMoRan, Fisher Scientific, and Société Générale. He also participated on boards including the Center for the Study of the Presidency and Congress, the Ronald Reagan Presidential Foundation and Institute, and led the Brookings Institution as chair from 1990 through 1998. A member of the Business Council, he contributed to the President's Intelligence Advisory Board between 2001 and 2003. His affiliations extended to organizations like the Alfalfa Club, California Club, Center for Strategic and International Studies, and Council on Foreign Relations. Furthermore, Day was a life trustee at the Los Angeles County Museum of Art.

Philanthropy

Day was recognized for his generous philanthropic efforts both personally and via the W. M. Keck Foundation, where he served as chairman and CEO.

Claremont McKenna College

In 2007, he gifted $200 million to his alma mater, Claremont McKenna College, founding the Robert Day Scholars Program. This contribution was noted as the largest ever given to a liberal arts institution, the most substantial donation targeting economics and finance fields, and ranked among the top twenty donations to any university or college at that time.

W. M. Keck Foundation

As chairman and former CEO of the W. M. Keck Foundation, named after William Myron Keck, Day oversaw significant grants including a $50 million award in 1997 to the Claremont Colleges for establishing the Keck Graduate Institute of Applied Life Sciences, which emphasizes graduate education and research in scientific disciplines.

University of Southern California

In 1999, Day facilitated a US$110 million donation from the W. M. Keck Foundation to the University of Southern California, leading to the establishment of the Keck School of Medicine at USC. This was followed by an additional US$150 million contribution in 2011, which broadened USC’s medical academic operations into Keck Medicine of USC, encompassing both the Keck Medical Center and School of Medicine. In 2017, the Foundation provided another US$10 million to rename Healthcare Center 2 as the Willametta Keck Day Healthcare Center, which accommodates various primary care and surgical specialty clinics. Collectively, nearly US$300 million from the Foundation and family donations has made them one of USC’s most significant benefactors.

University of California Los Angeles

In 2007, Day and his then-spouse gifted US$30 million to UCLA’s Department of Surgery through the UCLA Foundation, creating the Robert and Kelly Day Surgical Endowment.

Martha's Vineyard Public Charter School

In September 2015, the W.M. Keck Foundation, under Day’s direction, contributed US$500,000 to Martha's Vineyard Public Charter School. This included US$400,000 earmarked for establishing a science center named in honor of Vernon Jordan, a close friend and prominent civil rights figure. The Jordan Science Center officially opened in 2016.

Personal life and death

Day was the grandson of William Myron Keck, founder of Superior Oil Company. He was married to Marlyn Gates, fathered three children, and lived in Los Angeles. Day passed away there on September 14, 2023, at the age of 79.

Politics

Day acted as a financial supporter and economic consultant to former California Governor Arnold Schwarzenegger. Beginning in 1980, he backed Congressman David Dreier and organized a 2006 fundraising event featuring President George W. Bush that raised $1 million for the Republican Party. In 2015, he donated $1.1 million to Super PACs supporting Republican presidential hopefuls Jeb Bush and Carly Fiorina.

Recognition

In 2006, Day was honored with the Decoration of Officier de la Légion d'Honneur by the French government. Claremont McKenna College renamed its economics department the Robert Day School of Economics and Finance in 2007 as a tribute to him. In 2014, Caltech bestowed upon him its highest distinction, the Robert A. Millikan Medal. In 2021, CMC designated the Robert Day Sciences Center for its integrated sciences program.

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