Should I disclose that I'm transferring from Director's Alma mater?

My Boutique Investment banking director emailed me today telling me that I've been doing a great job as an intern and is looking to promote me later this month. I was recently accepted to a semi-target from a non-target which I'm planning on attending this fall. Problem is, My director is an alumnus of the non-target and it likely had a major part in getting me hired in the first place. With this in mind, should I let him know that I'm transferring from his alma mater or should I not say a word about it? I have no idea how he might react to this so I'm looking for advice.

Note: the semi-target is 30 minutes from the office so I'll still be able to work there.

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