Hedge funds propel two charity galas

The Economist became the latest publication to write about the large amounts of money being donated by hedge fund managers through special event fundraisers.

In Europe the best-known hedge-fund charity is ARK (Absolute Return for Kids). Established in 2002, it provides AIDS treatment in Africa, helps children escape from abusive orphanages in eastern Europe and finances education in Britain. ARK raised a remarkable $53m at this year's gala dinner, which included a speech by Bill Clinton, a fundraising appeal by Madonna and music by Prince.

This comes weeks after Paul Tudor Jones, founder of Robin Hood and head of the Tudor Group, led a crowd of 4,000 attendees in raising $72 million.