The Trustees of the European School of Management and Technology (ESMT), which include big German names like Allianz, Deutsche Bank and BMW, and international firms like KPMG and McKinsey, agreed to provide the extra funds.
The funding brings new financial support for ESMT since 2009 to €70 million.
Top of the spending list is expanding the School’s international faculty. The School announced something of a hiring spree earlier this month, at least relative to its current small number of professors. Three new people joined, including one professor who will divide his time between ESMT and Stanford.
In addition to the €50 million financing, six chaired professorships have been funded.
ESMT was founded by 25 German companies in 2002. Head-quartered in Berlin, graduates of the private university have access to scholarships from and networks within most of the founding firms.
"The founders of ESMT, representing a major part of German industry, will support ESMT’s growth with additional funds, acknowledging the progress of the school and its prospects," said Dr. Josef Ackermann, Chairman of Deutsche Bank and Vice Chairman of the ESMT Foundation Board of Trustees.
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