Saturday, 31 January 2015
Last updated 12 hours ago
May 24 2007 | 12:41pm ET
Beset by financial difficulty, forced to close parishes and schools, the Roman Catholic Archdiocese of New York has found an unusual savior: a hedge fund pioneer who happens to be an atheist.
God moves in a mysterious way, indeed.
Robert Wilson, the billionaire retired hedge fund manager and major philanthropist, has pledged $22.5 million to help fund scholarships for inner-city students to attend Catholic schools. It is the largest gift ever received by the archdiocese, it said.
“Shunning religious organizations would be abhorrent,” the normally publicity-shy Wilson told Bloomberg News. “Keep in mind, I’m helping to pay tuition. The money isn’t going directly to the schools.”
A spokesman for Edward Cardinal Egan, the archbishop of New York, said that Egan never considered rejecting the gift because of Wilson’s atheism.
“It was a chance for a very modest amount of money to get kids out of a lousy school system and into a good school system,” Wilson explains. The program he’s supporting, the Cardinal’s Scholarship Program, is trying to raise $158 million to fund 11,700 scholarships. Applicants do not have to be Catholic in order to be considered.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…