On a crisp morning in 2013, Stephen “Steve” Bruce (Cowell ’79, economics) received a call about an opportunity to help transport a desalination unit from Lawrence Livermore Labs to UC Santa Cruz. Without hesitation, he stepped in to cover the cost, securing a piece of equipment later determined to be worth hundreds of thousands of dollars. Today, that unit is a cornerstone of the WaterLab program in UCSC’s Center for Integrated Water Research, enabling vital groundbreaking research and aiding local agriculture in Watsonville. For Bruce, moments like this epitomize his commitment to supporting impactful projects at his alma mater.
Bruce's connection to UC Santa Cruz runs deep. From his first day on campus, he immersed himself in the university’s distinctive environment where he says he learned "how to think versus what to think." Though he initially dabbled in various fields, including science, Bruce found his passion in economics—a decision that ultimately shaped a highly successful career in asset management and finance.
His distinguished career in finance began at Wells Fargo in the early 1980s during a time of unprecedented interest rates. He went on to work at Stanford Research Institute, exploring early artificial intelligence, and later held roles in the savings and loan industry and on Wall Street. His expertise in high-yield bonds and credit included three years in London where he managed a bank loan trading desk before co-founding an asset management firm.
After selling his business to the Bank of New York in 2006, Bruce sought meaningful ways to give back. This led him to UC Santa Cruz’s Cal Teach, a program dedicated to training science and math teachers, which resonated with his belief in the transformative power of education. Bruce established the Mark Bruce Science and Math Teachers Program in honor of his brother, Mark Bruce, who died at the World Trade Center on September 11, 2001.
“To me, it’s all about confidence,” Bruce reflects. “You get confidence through education; if I can help students build that, I’m all in.”
“I can hardly overstate the impact of Steve’s kindness and generosity on Cal Teach,” says Gretchen Andreasen, director of Cal Teach at UC Santa Cruz. “From the beginning of Cal Teach, Steve’s financial contributions have strengthened the program and helped aspiring teachers. His direct support for scholarships has helped over 45 students into teaching careers, many of whom are now valued Cal Teach collaborators.”
Bruce's generosity extends to the Center for Analytical Finance (CAFIN), a program he has supported for over a decade, including serving as advisory board chairperson from 2014 to 2024. He was drawn to CAFIN’s interdisciplinary approach to solving pressing financial and technological challenges, from investigating stock market anomalies to addressing cybersecurity.
“It’s like forensic scholarship,” Bruce explains. “They dive deep into problems that matter, and their findings are impactful.”
“Steve's contributions as the founding chair of our advisory board have been vital to CAFIN's continuing existence and progress,” says Nirvikar Singh, CAFIN founding director and distinguished professor of economics at UCSC. “He has provided strategic guidance, financial support, expanded networks, and most of all, friendship to all of us at CAFIN and UCSC. His calm, good humor, and deep perspective have been present in everything he has done for us.”
Bruce also founded the Bruce Initiative on Rethinking Capitalism, which brings together leading thinkers to explore social and economic issues in new ways, and established the Robert Meister Scholars Fund to support graduate students in politics and bring the "best and the brightest" to UCSC.
Beyond his financial contributions, Bruce has been a dedicated volunteer, including a decade on the UC Santa Cruz Foundation Board. His involvement has forged lifelong connections with faculty, staff, and fellow alumni, all working toward a common goal of advancing the university’s mission.
“There are many people who I have worked with over the years, including the Chancellor and all the Foundation board members in their various capacities, for whom I owe many thanks and appreciate the unique and wonderful opportunity to serve with them.”
For Bruce, supporting UC Santa Cruz is about creating opportunities for students and faculty to thrive.
“It’s about equipping them with the best tools and talent,” he says.
Bruce’s legacy of philanthropy and service is a testament to his enduring belief in the university’s potential to make a difference—in the lives of students and the world.
