NEW YORK, NY.- Daniel H. Weiss, President and CEO of The Metropolitan Museum of Art, announced the endowment of the position of Curator in Charge of The Costume Institute, made possible by a donation from Chinese investor and philanthropist Wendy Yu on behalf of her Hong Kong-based company, Yu Holdings.

The endowment will exist in perpetuity at The Costume Institute, and Andrew Bolton, currently Curator in Charge of The Costume Institute, will become the position's first incumbent, assuming the title of Wendy Yu Curator in Charge of The Costume Institute, effective immediately. The Met has 50 endowed positions in its curatorial, conservation, and other departments.

"We are immensely grateful to Wendy Yu for so generously funding this position at The Costume Institute," said Mr. Weiss. "Her support will make it possible for The Met to broaden our expertise in the field, advancing our scholarship and conservation and increasing the scope of The Costume Institute's groundbreaking work to enhance global knowledge of fashion as an art form."

Yu Fashion, the division of Yu Holdings dedicated to supporting the fashion industry, plans to launch a program of initiatives with The Costume Institute in China, which will include a series of educational talks by Mr. Bolton in partnership with a local institution to provide insight into The Costume Institute's curatorial process. Yu Fashion will also connect The Met with Chinese art and fashion communities and form a consortium of Chinese individuals and institutions with the goal of funding acquisitions by The Costume Institute.

"My mission, through Yu Fashion, is to support the fashion industry and one-of-a-kind talents such as Mr. Bolton," said Ms. Yu. "We will be providing a cross-continent opportunity for cultural exchange as well as increasing awareness of The Costume Institute in China."