John A. “Mac” McQuown, Northwestern Alumni Medalist and Benefactor, Dies at 90

John A. “Mac” McQuown (’57), financial innovator, environmentalist, Northwestern University alumnus and generous benefactor, died Tuesday, October 22. He was 90 years old.

McQuown, who received the Northwestern Alumni Medal in 2017, may be best known for pioneering the use of data analysis to create the first equity index funds, which launched a revolution in investing. A successful entrepreneur, he applied a cross-functional approach to developing more than a dozen companies in the financial services, technology and fine wine industries. 

“Mac McQuown was an incredible visionary whose work has impacted all of us,” Northwestern President Michael Schill said. “His generous spirit has benefitted countless faculty who are conducting groundbreaking research in sustainability. Mac leaves behind a legacy of love for Northwestern and service to our global community.”

McQuown studied mechanical engineering at Northwestern and graduated with a bachelor’s degree in 1957. Throughout his career, McQuown was interested in applying a cross-disciplinary approach to developing innovative solutions, both in business and in his philanthropic endeavors.

He and his wife, Leslie, have given generously to support interdisciplinary research across Northwestern. Their generosity included gifts to support the Northwestern Institute on Complex Systems (NICO) and the University’s commitment to accelerate collaborative breakthroughs in complexity, networks, and data science to address societal challenges.

Longtime supporters of the McCormick School of Engineering, the couple also made a lead gift in 2023 to help establish the Julio M. Ottino Professorship in honor of the former McCormick dean. In 2015, McQuown gave the undergraduate convocation speech for the school.

“Mac McQuown’s life was a testament to the far-ranging impact of an engineering education,” said Christopher Schuh, dean of the McCormick School of Engineering. “Mac’s drive to innovate led him to truly change the world, and then he used that success to accelerate further research into areas that he knew were important to our future. His life is a point of inspiration for our students and faculty alike.”

McQuown was born July 17, 1934, and grew up on his family’s farm in Sandwich, Illinois. Intrigued by the machinery used on the farm, he decided to study engineering at Northwestern.

Two of his Phi Delta Theta fraternity brothers encouraged him to register for Professor Harry Guthmann’s corporate finance class. It was a serendipitous moment for McQuown, who was drawn to the intricacies of finance but surprised by the subjectivity used in investment decisions.

Following his graduation from Northwestern, McQuown served two years in the US Navy, and then earned an MBA from Harvard Business School in 1961. He began working on Wall Street with Smith Barney & Co. After being recruited by Wells Fargo Bank in San Francisco, McQuown collaborated with colleagues to pioneer the use of data to analyze the stock market and create the first equity index funds. The achievement earned him a place in finance history. In a 2021 Bloomberg Markets article, he was dubbed an “unsung hero” for helping to demystify the investing process for average Americans.

McQuown also cofounded Wells Fargo Investment Advisors, which is now part of the asset management firm BlackRock. He went on to build or co-found numerous other companies, including Dimensional Fund Advisors, which creates “second generation” equity funds, and KMV, which was acquired by Moody’s Corporation in 2002 for its quantitative credit risk management tools. 

In a 2018 interview, McQuown credited Northwestern as a key factor in his success.

“I came out of Northwestern Engineering an awful lot smarter than when I went in,” he said.

I came out of Northwestern Engineering an awful lot smarter than when I went in. John A. “Mac” McQuown

“Over nearly two decades of conversations with Mac, I was always impressed by his boundless curiosity in a wide variety of deeply technical subjects,” said Julio M. Ottino, who served as dean of the McCormick School of Engineering from 2005 to 2023. “From complexity to finance to environmental issues, he always had interesting perspectives that were informed by a lifetime of exploring issues that were important to him. I will truly miss our lengthy exchanges, in which I found myself often learning something new.”

Drawn back to the land in 1995, McQuown and his wife purchased property in Sonoma County, California. There, they established Stone Edge Farm Estate Vineyards & Winery, eventually adding an organic farm and restaurant.

McQuown’s passion for environmentalism and concern for climate change spurred him to make Stone Edge Farm sustainable and energy efficient. He developed a microgrid testing ground to reuse water, generate clean electricity through solar panels and create fuel for zero-emission vehicles. Stone Edge Farm received the California Governor’s 2017 Environmental and Economic Leadership Award and served as the inspiration for a 2018 McCormick School symposium on microgrids.

The McQuowns’ dedication to the environment also inspired them to support several sustainability initiatives at Northwestern. These include establishing the John A. and Leslie W. McQuown Fund for Climate Technology Assessment, and the John and Leslie McQuown Fund for Finite Earth, a program designed to advance collaborative research among faculty across Northwestern. 

Mac McQuown’s accomplishments in a variety of industries earned him many accolades. In 2018, he was inducted into the Fixed Income Analysts Society’s Hall of Fame. In 2020, he received the Sustainability Icon Award from the World Sustainable Development Forum (WSDF). He also was awarded the 2021 Order of Lincoln, the State of Illinois’ highest honor for professional achievement and public service.

He is survived by his wife, Leslie; his son, Morgan; his daughter-in-law, Alexa; and his sister, Jean McQuown Goch (’59).