With his home region in Pakistan inundated by flooding, newly-minted Millennium Capital Partners hedge fund manager Iftikhar Ali has flown into action, raising money for the more than 20 million victims.
Ali, who joined Millennium’s London arm in May from James Caird Asset Management, hopes to raise £100,000 to aid flood victims. Ali himself, along with Tullett Prebon’s Ivor O’Toole, Citigroup’s Abid Hussain and Nomura’s Shahzad Amir, will travel to the affected areas of northern Pakistan in October to help distribute supplies and build shelters. It is estimated that about 1 million homes have been destroyed since the flooding began more than a month ago.
“The response for the City has been overwhelming,” Ali told Financial News, for which he is writing a blog chronicling his efforts. “Given all the bad press surrounding the financial crisis and bankers’ bonuses this is a great advert for the City community and shows it giving something back.”
The flooding has killed about 2,000 people and caused as some US$7 billion in damage.