Rodger and Paula Riney
/SOURCE OF WEALTH: Scottrade, Inc.
FUNDING AREAS: Health & Cancer Research, Community, TBD
OVERVIEW: Rodger and Paula Riney recently founded the Paula and Rodger Riney Foundation. Some of charity’s still-emerging grantmaking has focused on cancer research; Riney was diagnosed with multiple myeloma earlier in the decade. Tax filings revealing the foundation’s grantmaking are not yet available.
BACKGROUND: Rodger Riney graduated with a bachelor’s degree and an MBA from University of Missouri. He founded the discount brokerage firm Scottrade in 1980 in Scottsdale, Arizona, with a partner whom he bought out in 1985. In 2016, Scottrade was acquired by TD Ameritrade for $4 billion in cash and stock.
ISSUES:
HEALTH AND CANCER RESEARCH: The Rineys gave a $20 million gift to the Washington University School of Medicine in St. Louis, establishing the Paula C. and Rodger O. Riney Blood Cancer Research Initiative Fund. To date, the Rineys have given $25 million to the School of Medicine to develop new treatments for multiple myeloma. The forces here are personal, as Riney himself was diagnosed with the disease. Riney is also a board member of the Multiple Myeloma Research Foundation. In 2020, they donated $7.8 million through their foundation to support the Riney Family Multiple Myeloma Research Program Fund.
OTHER: The Rineys also directed more than $100 million to the St. Louis Community Foundation, the largest gift ever received by the community foundation. As Rodger said, “Paula and I are so appreciative of the wonderful, loyal associates Scottrade was able to attract here in St. Louis, and this has also been a great place to live and raise our children and now, our grandchildren.” Riney has also been involved with Alzheimer's Association, the Concordance Academy of Leadership, and the Salvation Army.
LOOKING FORWARD: Riney stepped away from business in part because of his cancer diagnosis. Expect him to continue to dig into cancer research and the St. Louis community. The foundation keeps a low profile, but should be watched in the coming years as the family deepens and refines its grantmaking. Outside the Midwest, the family also has ties to Phoenix.
