The Lifelong Friendship behind Astonishing $100 Million Gift to BU’s Medical School

The cost also affects who can choose medical school, Antman says. “If you are first-generation American or first-generation in college, the idea that you are going to graduate with $200,000-plus in debt is unconscionable. They are afraid to take on that much debt.”

Avedisian’s gift, she says, “will approximately double the endowed scholarship aid we can offer.” The funds will come in over a period of at least five years.

One of the endowed professorships from the fund will be created in the name of Richard K. Babayan, professor and chair emeritus of urology at Boston University School of Medicine and former chief of urology at Boston Medical Center, BU’s primary teaching hospital and Boston’s safety net hospital. A friend of the Avedisians, Babayan is the former director of MED’s Armenia Medical Partnership Program, a post now held by Aram Kaligian, an assistant professor of family medicine.

Another endowed chair will support the director of the National Emerging Infectious Diseases Laboratories (NEIDL), who will be a professor in the School of Medicine.

“The endowed chairs will help us recruit the best and the brightest faculty,” Antman says, “which also helps attract the best students. The best students really resonate with the best faculty. The two together are synergistic—and then getting better equipment for both of them.”

Expensive equipment such as a cryogenic electronic microscope or a research MRI suite can cost millions. Granting agencies that support such purchases, such as the NIH [National Institutes of Health], often like to see matching dollars, Antman says.

“Then they’re more likely to give us the grant, so again we can attract the best faculty and students doing the most exciting cutting-edge research,” she says. “With these funds, we can renovate labs and attract students who might have gone elsewhere.”

The Stories behind the Name

Both men’s ties to BU date back more than half a century.

Chobanian joined the MED faculty in 1962 and made an impact as a professor, dean, and Medical Campus provost, taking a lead role when Boston City Hospital and Boston University Medical Center Hospital merged to create Boston Medical Center in 1996. He then stepped in during a tumultuous time as BU president ad interim after John Silber stepped down as president for good in 2003; the trustees removed the “ad interim” from his title in 2005.

“At a time of turmoil,” says Brown, who succeeded Chobanian in 2005, “his calming influence held the University together and advanced it.”

Avedisian, in addition to being an alum, has made a number of previous donations to BU, including to scholarship funds in Chobanian’s name. And, in addition to his MED gift, he is giving an additional $1 million to BU’s College of Fine Arts in the names of their wives (see sidebar). His other BU connections include his niece and nephew: Laurie Onanian, who worked in BU’s development office for nine years, and Craig Avedisian (LAW’93), a commercial litigator. Both were deeply involved in arranging the gift.

But long before their BU days, their friendship was forged on the streets of Pawtucket.

“I first met Ed when he was a little squirt,” Chobanian says with a grin.

Both families suffered tragic losses in the Armenian Genocide, in which it’s estimated that as many as 1.5 million people died. Both men’s parents met and married after emigrating to the United States, and settled down to raise their children in Pawtucket, where there were plenty of jobs in the textile mills. The Chobanians lived at 549 Broadway, the Avedisians a few doors down at 575.

With eight years between them (Chobanian was born in 1929, Avedisian in 1937), the boys weren’t that close —Chobanian knew Avedisian’s older brother, Paramaz, better, as they were only two years apart. “Ed was very small, but a very active individual,” Chobanian says. “He hung around, and we didn’t know what to do with him.”

But Avedisian says Chobanian was indirectly responsible for his eventual distinguished career in music.

“Aram was the pace car. Whatever Aram did, my brother did,” Avedisian says. “Aram studied clarinet, my brother studied clarinet. Then they both gave it up, and there was a clarinet in the house, and I said, ‘OK, I’ll take that on.’”

Soon Chobanian went off to college and medical school. Avedisian found his calling in the woodwind instrument.

He chose BU after becoming entranced with the clarinetist on a recording of the Boston Symphony Orchestra he heard on the radio. “Who is this guy?” the teenage Avedisian asked himself. “I want to study with him.” The musician was Manuel Valerio, a professor at CFA.

At BU, Avedisian earned bachelor’s and master’s degrees in music — with a $350 scholarship his first year, he says, and more later. He went on to play for decades with both the Pops and the Boston Ballet Orchestra, appearing with the Boston Symphony Orchestra and the Metropolitan Opera, among many others, and backing greats like Luciano Pavarotti and Leontyne Price.

Good Fortune Leads to Another Path

 As his music career was thriving, it was Avedisian’s “sideline” as an investor, beginning in the 1970s, that ultimately made his generous philanthropy possible. He was self-taught, an avid reader of books on the topic as well as Investor’s Business Daily, and eventually became a regular viewer of CNBC and Bloomberg on cable.

“You think about the deep discipline that’s required to be a high-level professional musician, the years of self-study and attention to detail — he applied that same skill set to become a masterful investor,” CFA Dean Harvey Young says.

From previous gifts that he’d made, many people knew Avedisian had done well — but hardly anyone knew just how well until the magnitude of the MED gift was revealed. A clarinetist donating $100 million?

“Ed has done just phenomenally as an investor,” Brown says with a smile. “And as in most cases for investors, unless they’re dot-com founders, so you can see their founder stock, you really don’t know. You just do not know. He’s done phenomenally well, and when you think about the generosity of giving $100 million and the other gifts he’s given, he’s just an incredibly generous human being.”

The two men’s friendship blossomed slowly in recent years. As adults, they saw each other occasionally—a wave or a friendly word when Chobanian attended a Boston Ballet performance, for example. They began to talk more in the 1990s, after Avedisian sent a donation for the Armenia Medical Partnership Program, along with a note to Chobanian.

Chobanian says that when he retired from the BU presidency in 2005, they grew closer.

“I had more time and we started to socialize, and we became very good friends, and our wives became friends, as well,” he says. “He’s done unbelievable amounts in his lifetime. It’s amazing how he’s such a fine musician of the highest caliber, but still is able to become a philanthropist—I don’t think there are many musicians who can say that.”

The admiration goes both ways.

“[Aram] can’t do enough for people, and does it all with great ease and graciousness, really exemplary,” Avedisian says of Chobanian. “His personality has never changed, that’s just the way he is.”

Both men have been particularly determined to help their families’ homeland.

Chobanian joined the board of directors of the Fund for Armenian Relief. He also focused on improving medical education and care through a variety of programs, including training physicians, nurses, and other health professionals in emergency medicine and healthcare management, and the development of medical residency and postgraduate educational programs in Armenia.

For his part, Avedisian became a trustee of the American University of Armenia, supported construction of its Paramaz Avedisian Building, named for his brother, and the new Khoren and Shooshanig Avedisian School and Community Center, named for his parents. Recipient of an honorary doctorate from the University of Rhode Island in 2019, he is also a trustee for the Armenian Missionary Association of America, and the National Association for Armenian Studies and Research.

Shoulder to Shoulder

At the late afternoon signing event last month, Chobanian and Avedisian arrived separately and greeted BU officials and others cheerfully. But they both lit up simultaneously when they saw each other, grinning as they bantered, lifelong friends making a difference in the world—together.

A few days later, after Chobanian had time to reflect on the naming gift, he said that he was beginning to appreciate the significance of it: “I think it’s wonderful for the medical school and the University. It’s still uncomfortable for me, but very satisfying at the same time, very beautiful.”

One last note about that new name for the medical school: That’s a lot of syllables to stitch onto the traditional spot on all those white coats that MED graduates receive. “We were trying to figure out how to fit it on the pocket,” Antman says with a smile. “It would have to be very tiny print.” The plan for now: move it to the other side of the chest.

Richard Reidy (Questrom’82), vice chair of the Board of Trustees, who attended the signing event, told the small gathering that Avedisian’s gift is “a spectacular milestone in the history of Boston University.”

“There is an Armenian aphorism that says, ‘Once we give shoulder to shoulder we can turn mountains,’” Reidy said. “The members of the BU medical community are going to wake up every morning and turn mountains to reach the underserved, to innovate new treatments and breakthrough cures, and to never stop learning.”

$1 Million for BU College of Fine Arts

In addition to his gift to the BU School of Medicine, Edward Avedisian is giving $1 million to the College of Fine Arts, to endow scholarships in music and visual arts: the Jasmine Chobanian Endowed Fellowship Fund for Visual Arts and the Pamela Avedisian Endowed Fellowship Fund for Performance Music.

The late Jasmine Chobanian was regarded as the “First Lady” of Boston University during her husband’s tenure in BU leadership. They knew each other casually growing up in Pawtucket, R.I., but didn’t become a couple until both were studying at Brown University. She was a patron of the arts who served on the board of the Boston Ballet and a talented painter who studied at what is now the School of the Museum of Fine Arts. She shared her husband’s Armenian heritage. They were married for 59 years until she died after a brief illness in 2014.

Pamela Avedisian is a talented pianist who spent a year as a piano major at Stetson University School of Music in Florida, but transferred to Endicott College after deciding not to make music her career. She became a legal secretary and worked for 20 years for the head of the litigation department at a top Boston law firm. She had met Avedisian when he was directing a chorus at Endicott and she asked if he needed a pianist. They started dating a few years later and married in 1994. She has learned to read, write, and speak Armenian.

Both of their husbands are also immersed in the arts, says CFA Dean Harvey Young, noting Avedisian’s orchestra career alongside his investing.

“Mr. Chobanian, although he led the medical school, he is a person who is highly invested in the arts personally,” says Young. “In his retirement, he has moved into composition, working with members of the CFA music faculty. That love for medicine and love for the performing arts is distinctive about him.

“Too often we create a false divide between the sciences and the arts, as if people come from totally different worlds or inhabit different planets,” Young says, “and what these two individuals demonstrate is that those are essentially one and the same.”