Peter Gustavson Donates $10 Million To UVic Business

Students at the University of Victoria’s Faculty of Business are the big winners as a result of a $10 million gift from Peter B. Gustavson, President and CEO, Gustavson Capital Corporation. This is the largest philanthropic gift ever to UVic’s Faculty of Business and comes on the 20th anniversary of the establishment of UVic Business.

The gift will establish an endowment to support scholarships, professorships, research and innovation at the Faculty of Business. The funds will also support student experiences gained through competitions, case studies, international exchanges, and help ensure UVic Business remains competitive with other business schools in Canada and internationally.

“I know what it’s like to struggle to find the money for tuition and living expenses,” says Gustavson, who completed a double major in accounting and marketing at the University of Manitoba. Gustavson did not come from a wealthy family: “I had to work full-time while at university, and my grandma helped me out with $2 a week for gas,” says Gustavson. “I remember praying I wouldn’t run out of gas and have to walk as you could freeze to death in a Winnipeg winter. I’d rather see students spending their time pursuing their studies than coming up with ways to finance their tuition and living expenses,” he adds.

“This gift will turn our already remarkable business school into an internationally renowned centre of excellence for business education,” says UVic President David Turpin. “Peter Gustavson’s $10 million gift is an investment in future business leaders.”

Gustavson is the founder of Custom House, a Victoria-based global foreign exchange payments powerhouse. He sold the company in 2009 to Western Union for USD 370 million. Gustavson has been involved with the business school since 2003 as an employer, member of its advisory board and chair of the Distinguished Entrepreneur of the Year Award event that he helped establish in 2004.

“Peter is a wonderful friend of the faculty,” says Dean of Business Ali Dastmalchian. “His generosity will help us continue to introduce new programs, such as our new PhD and Master of Global Business, and educate students to understand the big picture of business and contribute innovative and sustainable solutions to global issues.”

“I found UVic business co-op students and graduates to be among the brightest of my employees, and being an entrepreneur myself, I was intrigued with UVic’s entrepreneurship specialization,” says Gustavson. “As I became more involved with the school, I realized that some of its challenges could be resolved with more resources. At the time I did not have the funds, but now I do and want to ensure more students can benefit from UVic Business’ innovative programming.”

“Peter’s generosity is a shining example of how individuals can enhance the well-being of the university,” adds Turpin.

Today’s gift is among the largest cash gifts received by the University of Victoria.
 

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