Tuesday, 16 September 2014
Last updated 8 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.
Aug 25 2014 | 11:21am ET
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