Funds Hub

Money managers under the microscope

Can hedge funds fix their image problem?

By Emily Chasan
March 4, 2011

At the annual Hedge Funds Care benefit in New York on Friday, Anthony Scaramucci, managing partner of  $7.4 billion hedge fund seeding and fund of funds SkyBridge Capital, had some harsh truths for the hedge fund industry.

“Our industry has a terrible, terrible reputation,” Scaramucci said as he accepted an award from the Hedge Funds Care charity Thursday night in front of 1,200 of his closest friends and expressed why he believes hedge fund managers should donate to charities.

“I don’t care how many PR firms we hire. I don’t care how many lobbyists we hire. The only way we’re going to be able to change that is through our philanthropy,” he told the industry audience, at the annual gala at Cipriani 42nd Street in Manhattan.

Clearly, they listened. The hedge fund industry members at the event donated almost $2 million to the charity which benefits child abuse prevention and treatment programs in New York, New Jersey and Connecticut.

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