Druckenmiller's good for Spence?

Fri Jun 26, 2009

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Stan Druckenmiller

It's hard to get too teary about an exclusive Upper East Side school whose connections to an exclusive hedge fund have caused a small problem. Spence School is a Manhattan school for girls that has allocated about 28% of its $25.6 million endowment with Stan Druckenmiller's Juggernaut fund. That concentration level - which rose after Spence sold other assets - led Moody's Investors Service to downgrade the school's $15.3 million of municipal debt by one level to A1. Druckenmiller is the husband of a former Spence alumna and former trustee, Fiona Biggs Druckenmiller.

ISSN: 2151-1845 / CDC10004H

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