Philanthropist Oscar Tang, who co-founded asset management firm Reich & Tang, has gifted $25 million to highly selective independent co-educational university-preparatory school Phillips Academy in Andover, Massachusetts

The funds will expand financial aid for students and strengthen Andover’s need-blind admission programme. Tang’s gifts to the school now total $66 million.

Tang, who served as board president of the school from 2004 to 2012, believes in giving back to the institution that opened its doors to him, a young refugee who had fled post-war China in 1949, and to his late wife Frances Young Tang, who attended Abbot Academy on a full scholarship. “My financial aid gifts are really from both of us,” said Tang, whose philanthropy has affected everything from facility improvements and faculty development to the arts and innovative programmes at the Tang Institute.

Amy Falls, president of the board of trustees, said: “We are profoundly grateful for Oscar’s inspiring leadership and for his unparalleled legacy of generosity to our school. He believes strongly in the promise of youth from every quarter and the ideal that an Andover education can be life changing.”

Jim Ventre, assistant head of school for admission and financial aid, has worked closely with Tang since the inception of his scholarship. He said: “Oscar’s passion and leadership have reinforced the surest foundation for need-blind admission. Through the Tang Scholars Program, Oscar continues to deliver on Andover’s promise to comprehensively support the young people in our care and change the trajectory of their lives.”

Founded in 1778, Phillips Academy is one of the oldest incorporated secondary schools in the US. It has educated a long list of notable alumni through its history, including American presidents George HW Bush and George W. Bush, foreign heads of state, numerous members of Congress, five Nobel laureates and six Medal of Honor recipients.

Date Published: 15 June 2022

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