Wall Street Mogul to Close Fund, Focus on Philanthropy

Wall Street Mogul to Close Fund, Focus on Philanthropy

Stanley F. Druckenmiller, who earlier this month announced plans to close his hedge fund, Duquesne Capital Management LLC, will join the ranks of other business titans, including Microsoft co-founder Bill Gates and former Citigroup chair Sanford "Sandy" Weill, who stepped away from the business world while at the top of their game to devote more time to philanthropy, Bloomberg reports.

Over the past dozen years, the billionaire hedge fund manager, who made his mark as the lead portfolio manager for George Soros's Quantum Fund, has given to a range of nonprofit organizations through his family foundation. Recent grantees include Human Rights Watch, Teach for America, the National Fish and Wildlife Foundation, and the Harlem Children's Zone, which in 2006 received $25 million from the foundation in support of its work to provide a comprehensive set of educational, social service, and community-building programs to thousands of low-income children and families in the Harlem neighborhood; Druckenmiller currently serves as board chair of HCZ.

Last year, Druckenmiller, who ranked number 354 on the 2010 Forbes 400 list with an estimated net worth of $2.8 billion, transferred $700 million of his own money to the foundation, earning him the top spot in the Chronicle of Philanthropy's annual list of largest individual charitable givers.

"When someone has transferred a lot of wealth to their foundation, they're sending a clear signal," Patrick Rooney, executive director of the Center on Philanthropy at Indiana University, told Bloomberg. "They're moving from success to significance."

Cole, Patrick. “Druckenmiller Sends Millions to Children, Robin Hood, New York University.” Bloomberg.com 8/30/10.