http://business.richmond.edu
Summer 2008
Upcoming Events

MBA Opening Residency at the Jefferson Hotel
August 15-17

Back to School BBQ
August 27

Student Managed Investment Fund trip to Wall Street
September 10 & 11

Mini MBA begins
September 15

EAC Meeting
October 23 7:30 A.M. - 9:30 A.M.

Robins School News

Robins School moves into America's top 20 undergraduate programs in 2008 BusinessWeek rankings
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BusinessWeek rates the Robins School of Business among the country’s top 20 undergraduate business programs, in the 2008 annual rankings released in February. The Robins School moved up to No. 20 on the list, from No. 23 in 2007 and No. 25 in 2006—the first year that BusinessWeek published rankings.

Dean Jorge Haddock said that high-quality faculty and students, strong corporate support and alumni backing have spurred Richmond’s rise.

“We moved from No. 31 to No. 20 in student satisfaction, received grades of A-plus for teaching quality and A for facilities,” Haddock said. “Our students told BusinessWeek that they cherish their small classes and close relationships with professors. And, the median starting salary of our graduates has increased from $47,000 to $51,750.”

“Those are all key indicators of a business school on the move,” he said.

Haddock noted that the survey also highlighted opportunities for future improvement, such as attracting more corporate recruiting.

Last year, the Robins School’s MBA program was ranked 14th by BusinessWeek, the only part-time program in Virginia, Maryland and the District of Columbia to rank in the top 30 nationally.

For a complete list of the rankings, visit the BusinessWeek website.

University of Richmond Alumni: Vital Contributors to Richmond Business Community
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Spiders Find City a Great Place Live, Work and Play

Though the majority of alumni reside in cities around the world, nearly 30% of them have decided to hang their hats in the Richmond metro area. They are vital contributors to the Richmond business community, whether they are starting companies, acquiring businesses or working for nationally-recognized firms.

Although many are from large centers of commerce such as New York, Washington DC or even Hong Kong, UR alumni know what others are finding out – Richmond is a great place to live, work and play.  Like the official song of the state, Carry Me back to Old Virginny, some alumni are leaving only to return to a good thing, well others are staying put after graduation.

Jim Brady, R’85 who hails from Homldel, NJ, fell in love with the school and the area.  He left Richmond after graduating in 1985, only to come back in 1986, tired of the two-hour commute in and out of New York City.

The young founder of PayerPath is on the Robins School of Business Executive Advisory Council as well as the University of Richmond’s Presidents Council. He is also involved with the Robins School’s new Center for Innovation and Entrepreneurship.  PayerPath is one of the top 3 medical claims management companies in the United States with over 250 million claims processed annually.

“I wanted to get back to Richmond and to a better quality of life,” said Brady.  “Richmond is a great place to start and grow a business.  It has a wonderful university system, a great pool of employees to draw from, and it has a real sense of community.”

Brady, who recently sold PayerPath, is looking for another business opportunity to develop and grow.  In the meantime, he is busy consulting and staying in touch with classmates and fraternity brothers. 

Jason Savedoff, R’01 fell in love with Richmond while looking at colleges and has lived here ever since.  Savedoff in part credits Economics professor Dr. Jonathan Wight and entry-level Economics with where he is today.

“Economics changed the way I viewed the world.  It was in that class that I learned that everything in business is supply and demand.  I decided that in order to get one leg up after graduation, I would be wise to stay in Richmond.  It’s much more affordable than larger cities and I was able to buy my first house at age 24, when all my friends from up north are struggling today to buy a home at age 30.  Richmond is a great place to live and start a business.”

The young real estate entrepreneur is best known for his most visible business, the European Market & Café on W. Main Street in Richmond’s popular Fan district.  Savedoff spends a good portion of his days educating customers on imported European delicacies.  The majority of his business comes from the Café and catering arms of the company, and they now sport broad menus featuring the same hard-to-find, premium imported ingredients found in his market.

Savedoff began his career in investment banking.  From there, he moved to the retail investment business, where he dealt with a lot of business owners as clients.   “Every step in my career path led toward entrepreneurship, whether or not I was conscious of it,” said Savedoff, who still puts in 80 hour weeks.  He does find time to keep in touch with his classmates, several of whom are frequent guests at his popular “First Friday” wine tastings, and is engaged to be married to fellow UR alumnus Bindy Reuben, B’02 in September.

York, Pennsylvania native Christine McGraw Branin, B’84 is a senior vice president at the Martin Agency.  After a brief time in retail at Miller & Rhoads, she took a job at the Martin Agency, one of the nation’s top advertising agencies, which is headquartered in Richmond.   She recently helped host 50 University of Richmond students at the Martin Agency, encouraging bright young marketing minds to stay in Richmond.

“I’ve been fortunate to have worked in all areas of the company over the past 23 years, from the marketing department to talent to account management.  The Martin Agency is a great company to work for and I’ve been in love with Richmond since I first saw the University of Richmond campus.”

Today, Branin is second in command on the Wal-Mart account, helping the nation's largest discount retailer and employer improve their image.  The Wal-Mart ad team created the retailer’s new tag line “Save money. Live better.”

If you were to ask University or Richmond alumni, they’d probably tell you the Wal-Mart tag line fits the Richmond lifestyle as well.

 


On March 11th in New York City, President Ayers and the Robins School hosted a reception for Richmond alumni and friends. George W. Wellde, Jr., B’74 and Rector of the University of Richmond was the guest of honor. Wellde has built a strong relationship between the University of Richmond and Goldman Sachs, where he has worked for 28 years. Each year, a significant number of Richmond graduates join the firm. He announced his retirement from Goldman earlier this year. 

President Ayers announced that the Robins School of Business Distinguished Chair in Finance was renamed Patricia A. and George W. Wellde, Jr. Distinguished Chair in Finance to recognize the contributions of the Welldes to the University of Richmond and the Robins School. 

The Chair was established in 2001 by Patricia and George Wellde to attract an internationally prominent teacher-scholar who would join the Finance Department. Dr. Pat Fishe is the first and existing holder of the Wellde Chair. For more information, please visit the Wellde Distinguished Chair in Finance website.

 

 

Fed Chairman Ben Bernanke Visits Campus
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The Robins School sponsored this year’s World Affairs Council Virginia Global Business Ambassador Awards held on April 10 at the University’s Jepson Alumni Center. This year’s guest speaker was Federal Reserve Chairman Ben Bernanke. 

The Fed Chairman’s talk was sold-out and live satellite viewing rooms were set up around campus to see Bernanke speak.

Federal Reserve Chairman Ben S. Bernanke stated that the nation is not heading toward a slide similar to the Great Depression that lasted 12 years.

Banks were allowed to fail then. "We will not experience anything remotely like that," Bernanke said. The banking system is well-capitalized and in good shape despite the strain in financial markets, he said.

That assurance aside, "the financial distress we are seeing is the most severe of our era." Moreover, it has a broad effect on the overall economy, he said.

"It will not be easy going to eliminate the financial crisis, but we can strengthen the system."

The Fed has provided extra liquidity to the system this year and reduced key rates to spur borrowing. The Fed also helped save Bear Stearns, an investment bank, that got into a liquidity crunch.

In his speech, Bernanke called for stronger nationwide licensing standards for mortgage brokers, more consistent oversight of lenders and better consumer protections.

Bernanke said policymakers and regulators have identified the sources of financial turmoil and are taking steps to correct the situation.