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