Funds Hub

Money managers under the microscope

Hedgies leave fancy duds at home as credit crisis crimps style

February 11, 2009

rtr1mgp6By Svea Herbst

 

Ladies and Gentlemen: you may leave your ball gowns and tuxedos at home tonight.

That’s the message the badly battered hedge fund industry is sending its managers, lawyers and accountants who are planning to attend Hedge Funds Care, one of the industry’s most successful charity events in New York on Wednesday evening.

In the wake of the industry’s 19 percent loss last year, organizers scrapped the annual black-tie dinner in favor of a cocktail party, Kathryn Conroy, the charity’s executive director said.

For $1,500 a ticket — 12 percent less than last year’s price of admission — guests can nibble on sushi and hors d’oeuvres while networking with hundreds of other fund managers including Ellington Management Group’s Michael Vranos and Graham Capital Management’s Kenneth Tropin.

“We wanted to be sympathetic to the times but also pay attention to the charity’s cause — child abuse,” Conroy said about the changes in dress and ticket price.

She expects to donate over $1 million to the charity but acknowledges that the evening will raise less money than before. About 800 people are expected to attend, 20 percent less than last year.

 

 

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