Friday, 28 August 2015
Last updated 10 hours ago
Mar 25 2013 | 1:17pm ET
The Children's Investment Fund has ended the charitable practice that gave the hedge fund its name.
London-based TCI has stopped donating a portion of its fees to The Children's Investment Fund Foundation. The hedge fund has given one-third of its management fees to the charity since its debut in 2004, as well as donations of 0.5% of its assets under management in years it returned in excess of 11%. What is more, TCI founder Christopher Hohn and his wife have personally given more than £1 billion to the organization.
TCI stopped making contributions to the charity last year, "mainly because the foundation is large enough," a source told Financial News.
The TCI Foundation had more than £2 billion in assets as of August 2011, paying out slightly less than 2% of that sum to charitable causes, primarily those focused on children's nutrition and education. Of TCI's US$9.6 billion in assets, about US$4 billion is a separately-managed account for the foundation.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…