The University of Chicago, renowned for producing world-leading research in economics and finance, is selling a prized research centre as it struggles with heavy debt and lacklustre endowment returns.
Proceeds from the $375mn sale of the Center for Research in Security Prices — founded in 1960 by two UChicago professors — would be added to the university’s endowment and invested to boost returns, a spokesman said.
The transaction, expected to close in the fourth quarter, comes after UChicago last month announced $100mn in spending cuts and plans to suspend or scale back several PhD and graduate programmes in an effort to rein in a deficit that ballooned to more than $200mn in recent years.
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