TCI Charity Hit By Hedge Fund’s Troubles

Jun 8 2010 | 12:23pm ET

The Charitable Foundation that gives The Children’s Investment Fund its name has fallen on hard times along with the hedge fund.

The Children’s Investment Fund Foundation, which receives a set portion of TCI’s fee income, received just £19 million from the hedge fund last year, down from £486 million in 2008, Financial News reports. TCI has been hurt by poor performance in recent years and has seen a raft of high-level departures over the past several months.

Not even its own charity has stuck by it, with foundation slashing its investments in the hedge fund from £1.5 billion—essentially all of its money—to just £17 million, as part of its plan to diversify its investments.

The TCI Foundation said its assets had fallen by £100 million last year after doubling in 2008. It awarded £17.9 million in grants, down from £30.6 million in 2008. The charity said the lower payouts reflected a streamlining in its due diligence processes.


In Depth

Star Fund Managers Battered By Rocky Ride In Yields, Currencies

May 28 2015 | 6:05am ET

Some of the biggest names in the investment world have been whipsawed by the recent...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

The Road To Tax Alpha

May 28 2015 | 5:36am ET

Tax-related alerts are increasingly helping investment managers harvest tax alpha...

 

Sponsored Content

Editor's Note