Druckenmiller to become full-time philanthropist

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.

From Bloomberg:

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)

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