Stanley Druckenmiller has announced that he will close his Duquesne Capital hedge fund in order to spend more time on philanthropy, according to Bloomberg.com.
Druckenmiuller, who is Jewish, gave $700 million to his foundation last year and will apparently ramp that up in coming years.
Druckenmiller has given to a range of nonprofits during the past 12 years, including $500,000 to Human Rights Watch; $200,000 to Teach for America, which helps boost student achievement; and $200,000 to the New York Foundling Hospital, which cares for abandoned children.
Last year, he gave $100,000 to the National Fish and Wildlife Foundation, and $50,000 to the poverty-fighting Robin Hood Foundation supported by hedge-fund-industry managers and Wall Street executives.
He also gave 29 grants to students, ranging from $4,500 to $14,500, through his Oakmont Scholarships program, named after the Oakmont Country Club in Pennsylvania where he has golfed for three decades.
“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 said in a phone interview. “They’re moving from success to significance.”
(Hat tip Chronicle of Philanthropy)