Ads
November 11, 2006
Hedge Funds Show Charitable Side
-- By Pushpa Sathish, Staff Writer
You wouldn’t normally say hedge funds and charity in the same breath, but Hedge Funds Care Canada is set to wipe out that discrimination. The charity organization based in Canada is a motley collection of hedge fund managers who are donating their time and raising money to prevent child abuse and provide support for victims.
The organization is a poorer cousin of its affiliate in the Big Apple, Hedge Funds Care Inc.; the New York outfit has raised almost $19 million since its inception in 1998 while its Canadian counterpart is struggling with only $137,000 in assets as of December 31,2005. Given the fact that Hedge Fund Care Canada was born only in 2004, the low figure is understandable, but for hedge fund managers to put up such a poor performance is definitely not.
The slow start can be attributed to the receivership of the Norshield Financial Group, whose founder John Xanthoudakis played a large part in the establishment of the charity. The Ontario Securities Commission forced the company into supervised bankruptcy a few months after Hedge Funds Care was set up. Xanthoudakis raised $240,000 (Canadian) through a ball in the fall of 2004.
The first financial report filed by the charity with the Canada Revenue Agency states that $500,000 (Canadian) was raised in 2005. With the Canadian hedge fund industry at an estimated worth of $30 billion, greater contributions are expected in the future, according to Hedge Funds Care Canada’s president, Corey Goldman of Marhedge, a publication that tracks the industry.
--
Did you enjoy this post?
Comments
Post a comment
« Hong Kong Not to Compromise on Licenses | Main | Hedge Fund Lists on NYSE »
Syndicate
Comments