Pictured, from left, UQ in America Foundation Board Chair Andrew Liveris, UQ alumnus and New York fund manager Matthew McLennan, UQ President and Vice-Chancellor Professor Peter Høj and BEL Faculty Executive Dean Professor Iain Watson.

A leading New York fund manager and University of Queensland alumnus has donated $1 million to UQ to support a recently established institute that will drive business and economics research.

Mr Matthew McLennan's donation will support the Australian Institute for Business and Economics (AIBE) and a new scholarship at UQ's Faculty of Business Economics and Law.

Mr McLennan graduated from UQ in 1991 and is now head of the Global Value Team at First Eagle Funds that is responsible for approximately $80 billion under management.

He said one of the most important investments anyone could make in their lifetime was to provide opportunity for the next generation to learn and succeed.

“I have made this gift in the hope that it will inspire others to give,” Mr McLennan said.

“UQ increasingly competes on a global stage. To achieve the highest level of scholarly research and coordination of efforts among academic scholars and industry requires significant funding."

“We all have a duty to take institutions that have shaped us to an even higher capability for tomorrow's reality.”

The AIBE will position UQ as a leading provider of business and economics research. It will be a vehicle to advance national and global engagement through building strategic partnerships with governments, industry and academic institutions.

His donation was made to The University of Queensland in America Inc, which strengthens and expands research, education, business and philanthropy partnerships through the 8000 UQ alumni living in the US and Canada.