New York (HedgeCo.Net) – Hedge fund managers may have the reputation of being greedy, but they can also be very generous. Tuesday night was the annual Robin Hood Foundation’s benefit in New York. The Robin Hood Foundation was founded by Paul Tudor Jones 27 years ago.
This year’s total amount raised was $101,688,198—that’s right, over $100 million raised in one night. While the event is attended by celebrities and financiers alike, the biggest donation this year was from Pershing Square Capital’s Bill Ackman along with his wife Karen, who donated $25 million.
Other prominent executives from the financial industry in attendance included Lloyd Blankfein (Goldman Sachs CEO), David Einhorn (Greenlight Capital), Larry Fink (BlackRock), Michael Novogratz (Fortress) and David Tepper (Appaloosa Management).
True to the theme of the Robin Hood character from English folklore, the foundation takes (not robs) from the rich and gives to the poor or less fortunate. The subject of income inequality has been getting an abundance of attention of late and many of the presidential candidates that have announced their plan to run have spoken on the subject in recent weeks. Paul Tudor Jones himself warned about the possible impact of the inequality earlier this year at a TED Talk.
From the foundation’s website:
“At Robin Hood, our board pays our administrative and fundraising expenses so 100% of your donation goes directly to fighting poverty. We make grant decisions to maximize impact, much like a financial manager chooses investments to maximize profit. The upshot: a 15:1 return on your investment dollar.”
What a great job by the foundation and the finance industry for contributing to such a noble cause.