University of Chicago gets $35M from Morningstar CEO to create urban institute

CHICAGO (WLS) -- The University of Chicago announced plans Wednesday to create a new institute dedicated to urban issues that will be supported by $35 million donation from alumnus Joe Mansueto, the founder of Morningstar, and his wife, Rika.

The Mansueto Institute for Urban Innovation will examine issues related to "social, natural, and computational sciences and in the humanities to enhance the University's strengths in urban scholarship and education," according to a university statement.

Mansueto is the founder and CEO of Morningstar, a Chicago-based global investment research firm. He received his undergraduate degree from U of C in 1978 and then graduated from the university's Booth School of Business in 1980.

The institute aims to help the university connect urban scholarship, practice, and engagement, officials said.

"The dramatic rise in large cities over the past 50 years has created some of society's most difficult problems and most promising opportunities. Rika and I want to put some of our resources towards addressing these issues," said Mansueto in a statement. He adds: "We want to support the application of academic findings into public policy to have an enduring impact for people around the globe."

Mansueto had previously donated $25 million to support construction of the Joe and Rika Mansueto Library, which opened in 2011.