Duncan MacMillan is an American mathematician, philanthropist, and businessman known for being one of the four founders of

Bloomberg L.P. Bloomberg L.P. is a privately held financial, software, data, and media company headquartered in Midtown Manhattan, New York City. It was co-founded by Michael Bloomberg in 1981, with Thomas Secunda, Duncan MacMillan (Bloomberg), Duncan MacMi ...

MacMillan is not to be confused with

Whitney Duncan MacMillan William Duncan MacMillan (July 5, 1930 - October 31, 2006) was an American businessman, a director of Cargill. He is not to be confused with Whitney MacMillan, William's first cousin, born in 1929. Early life He was born on July 5, 1930, the ...

, who inherited his billions in agribusiness.

Early life and education

MacMillan served four years in the

United States Marine Corps The United States Marine Corps (USMC), also referred to as the United States Marines, is the maritime land force service branch of the United States Armed Forces responsible for conducting expeditionary and amphibious operations through combi ...

after which he went to college.INSTITUTE for ADVANCED STUDY: Attributions - Nancy S. and Duncan L. MacMillan, Leading by Example
2003 - issue one In 1966, MacMillan earned a Bachelor of Science degree in Mathematics from

Rutgers University Rutgers University (; RU), officially Rutgers, The State University of New Jersey, is a Public university, public land-grant research university consisting of four campuses in New Jersey. Chartered in 1766, Rutgers was originally called Queen's ...

. In 1967, he began his career working at

Bankers Trust Bankers Trust was a historic American banking organization. The bank merged with Alex. Brown & Sons in 1997 before being acquired by Deutsche Bank in 1999. Deutsche Bank sold the Trust and Custody division of Bankers Trust to State Street Corpor ...

.The Cancer Institute of New Jersey: Board of Directors - Duncan L. MacMillan"
retrieved March 30, 2013

Career

MacMillan worked at the investment bank

Salomon Brothers Salomon Brothers, Inc., was an American multinational bulge bracket investment bank headquartered in New York. It was one of the five largest investment banking enterprises in the United States and the most profitable firm on Wall Street duri ...

with

Michael Bloomberg Michael Rubens Bloomberg (born February 14, 1942) is an American businessman, politician, philanthropist, and author. He is the majority owner, co-founder and CEO of Bloomberg L.P. He was Mayor of New York City from 2002 to 2013, and was a ca ...

Thomas Secunda Thomas "Tom" Secunda (born 1954) is an American billionaire businessman, best known as one of the four co-founders of Bloomberg L.P. and its vice chairman. As of May 2022, his net worth was estimated at US$4.1 billion. He has signed Giving Pledge ...

and

Charles Zegar Charlie Zegar (born 1948) is an American businessman and computer programmer known for being one of the four co-founders of Bloomberg L.P. Early life and education Zegar was born to a Jewish family in New York City, the son of Lillian, a musical c ...

. 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 Phibro is a global low-carbon commodity company, focused on renewable asstets' development, acquisitions, optimizations and related contract structuring. Phibro's strategy is based on a proven track record of combining market insight, disciplin ...

, a metals trading company, he invited Zegar, Secunda, and Macmillan to start up their own financial data company. They accepted and together they founded Innovative Market Systems, with Bloomberg investing $300,000, the majority of seed capital. Secunda, who was a mathematician, was responsible for analytics; MacMillan was the expert in customer needs; and Zegar created the software. In 1982, they got their first customer,

Merrill Lynch Merrill (officially Merrill Lynch, Pierce, Fenner & Smith Incorporated), previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investment bank ...

who ordered 20 data terminals and invested $30 million in the company (receiving a 30 percent ownership interest). 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).

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 The Institute for Advanced Study (IAS), located in Princeton, New Jersey, in the United States, is an independent center for theoretical research and intellectual inquiry. It has served as the academic home of internationally preeminent scholar ...

. He is also a generous supporter of

The Cancer Institute of New Jersey The Rutgers Cancer Institute of New Jersey (CINJ) is a cancer treatment and research institution that is a part of Rutgers University and located in New Brunswick, New Jersey. CINJ is one of only 51 Comprehensive Cancer Centers in the nation desig ...

where he serves on the board of directors. His wife Nancy is a trustee of the Institute for Advanced Study and the

American Repertory Ballet The American Repertory Ballet (ARB) is an American ballet company based in New Jersey. The company was founded by Audrée Estey in 1963, as the Princeton Regional Ballet Company. In 1978, it became a professional company and was renamed Princeton ...

. MacMillan and his wife are signatories of

The Giving Pledge The Giving Pledge is a campaign to encourage extremely wealthy people to contribute a majority of their wealth to philanthropic causes. , the pledge has 236 signatories from 28 countries. Most of the signatories of the pledge are billionaires, an ...

.the Giving Pledge: "Duncan and Nancy MacMillan"
retrieved March 30, 2013

Personal life

MacMillan is married to Nancy MacMillan whom he met while working at Bankers Trust. Nancy has a B.A. in economics and mathematics from

Connecticut College Connecticut College (Conn College or Conn) is a private liberal arts college in New London, Connecticut. It is a residential, four-year undergraduate institution with nearly all of its approximately 1,815 students living on campus. The college w ...

, a M.A. in economics from

Hunter College Hunter College is a public university in New York City. It is one of the constituent colleges of the City University of New York and offers studies in more than one hundred undergraduate and postgraduate fields across five schools. It also admi ...

, and a

Master of Business Administration A Master of Business Administration (MBA; also Master's in Business Administration) is a postgraduate degree focused on business administration. The core courses in an MBA program cover various areas of business administration such as accounti ...

in finance from

Rider University Rider University is a private university in Lawrence Township, New Jersey. It consists of four academic units: the Norm Brodsky College of Business, the College of Liberal Arts and Sciences, the College of Education and Human Services, and West ...

. They have two children: Kevin and Alissa.

References

{{DEFAULTSORT:Macmillan, Duncan Year of birth missing (living people) Living people American philanthropists Bloomberg L.P. founders Giving Pledgers 21st-century philanthropists United States Marines Rutgers University alumni