Two years ago, Sheffield University, which has added biotechnology to its traditional strength in engineering, set up a unit to try to turn some of its research discoveries into commercial ideas.
Purcell pushed Mack out in 2001 and retained control of the firm until the spring, when he faced unrelenting pressure from shareholders to divest the firm of the underperforming brokerage business and the credit-card unit and focus the firm back on its core strength: institutional securities.