Grantmakers in the NewsSeptember 1, 2005
Hedge Fund Managers and Philanthropy
As the hedge fund industry continues to grow, more nonprofits are benefiting from the philanthropy of fund managers. The New York Times notes in a recent article that while no organization officially tracks the giving in the hedge fund community, interviews with charities and hedge fund groups indicate that a significant portion of the new wealth is flowing to nonprofits in New York and across the country. In April for example, the Lincoln Center raised $1.4 million after expenses at its first Hedge Fund Council gala.
Founder of Hedge Fund Cares, Rob Davis notes, "Most hedge managers are quiet and private. There are a lot of people who have private foundations and they send checks and ask not to have their names in the program."
David Saltzman, executive director of the Robin Hood Foundation remarks, "Successful money managers are used to examining companies and figuring out what makes a strong operation…They apply that know-how to nonprofits and extraordinary things happen."
Anderson, Jenny. "Fund Managers Increase the Ante in Philanthropy." New York Times. 8/3/05.
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