Managers line up to leave a charity legacy

Sat Nov 1, 2003

Once managers liked glitzy dinners, now they want their own foundations

When you think of hedge funds and charities, the first thing that comes to mind are the gala dinners thrown by the likes of The Robin Hood Foundation, Hedge Fund Cares and ARK, where the rich and famous from the hedge fund community rub shoulders with Hollywood stars and sports legends. Yet, far from the flash-bulbs and the $25,000 tables, another secret story of hedge funds and the giving game is starting to emerge. Over time it looks set to surpass the money raised by the glamorous dinners and extravagant auctions.

Today, many of the top managers are quietly starting their own charitable foundations. They are tempted by the desire to leave a legacy that will still be giving to charity long after they stop managing money. The benefits are simple: they can give the money to causes that...

ISSN: 2151-1845 / CDC10004H

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