Sean Fahey is giving back to two schools from which he graduated by endowing scholarships at Duke University for graduates of the North Carolina School of Science and Mathematics (NCSSM), Duke President Richard H. Brodhead said Monday.The $1 million gift from Fahey, who graduated from NCSSM in 1989 and Duke in 1993, establishes the Fahey Scholarship Fund, which will provide whole or partial scholarships to Duke undergraduates who demonstrate remarkable academic achievement and financial need. One student from each class -- from freshman to senior -- will benefit from the scholarship annually.It is the largest gift of its kind to a North Carolina university to support graduates from the high school. Both Duke and NCSSM are in Durham.Seventy-seven former NCSSM students have graduated from Duke since 2009, and 38 are currently enrolled.“More students apply to Duke from the North Carolina School of Science and Mathematics than from any other school in the world,” Brodhead said. “These are some of the most talented students in our home state, and they’re well prepared to be successful at Duke. This wonderful gift from Sean Fahey will ensure that Duke can continue to attract these terrific students to join our community, regardless of their financial means.” NCSSM is the nation’s first public residential high school established for science, technology, engineering and mathematics (STEM) education. Opened in 1980, the tuition-free school provides a specialized curriculum for juniors and seniors across North Carolina who excel in STEM.“We at the North Carolina School of Science and Mathematics are incredibly grateful to Sean for his steadfast support of our school and for endowing this scholarship for our students admitted to Duke University,” said Chancellor J. Todd Roberts, who hosted a ceremony on Sept. 26 to thank Fahey for his gift.“We are also grateful for the close working relationship we have had with Duke during our 35-year history, and especially for the way in which they welcome and nurture so many of our graduates during their higher education careers,” Roberts said. “By his leadership and generosity, Sean has strengthened the bonds between our institutions and established an aspirational opportunity for students from across North Carolina.”Because of his academic record at NCSSM, Fahey earned a full scholarship to Duke, where he graduated magna cum laude with a degree in economics.“I was admitted to Duke but was not planning to attend because of financial reasons. At literally the last moment, I qualified for a full academic scholarship. Without that stroke of luck, my life would not be where it stands today,” said Fahey, a co-founder and co-chief investment officer of Claren Road Asset Management, an $8.5 billion global credit hedge fund manager.“The intent of this scholarship is to give back and help kids in a similar circumstance ensure that they can take advantage of the education Duke has to offer and enjoy Durham, where I spent some of the most important years of my life.”Prior to founding Claren Road in 2005, Fahey was a managing director at Salomon Brothers/Citigroup, where most recently he was head of Global Emerging Markets External Debt Trading. Fahey spent more than 10 years in Waxhaw, North Carolina, and currently lives in New York City with his wife, Robin, and their two sons.“It is marvelous to realize that we have such a dedicated champion of financial aid in Sean Fahey. He truly understands the value of scholarship support and making an education at a place like Duke accessible to all students,” said Alison Rabil, Duke’s assistant vice provost and director of financial aid.“Students at NCSSM will know that the gift from one of their own has made it possible for them to continue to enroll at Duke regardless of their financial circumstances. We are very grateful.”Financial aid is a key priority of Duke Forward, the seven-year, university-wide fundraising campaign that aims to raise $3.25 billion by June 30, 2017. Fahey’s gift will contribute to the overall goal of $420 million for endowed scholarships and fellowships. Every dollar donated to Duke's 10 schools and units, Duke Medicine or a range of university programs and initiatives counts toward the campaign.
