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Portfolio > Alternative Investments > Hedge Funds

Hedge Funds Urged to Participate in CIBC's Miracle

By Staff Writer

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NEW YORK (HedgeWorld.com)–CIBC World Markets is including hedge fund managers on its annual Miracle Day for children’s charities. On that day, Dec. 4, the firm donates all fees and commissions earned in its trading operations to support children in need.

Two of the charities nominated to receive Miracle Day donations are asking hedge fund managers to make sure they participate and direct donations to their causes–the Robin Hood Foundation and the March of Dimes.

The Robin Hood Foundation announced earlier this week that its founder Paul Tudor Jones and Robin Hood Board Chair Stanley Drunkenmiller are asking the hedge fund industry to pledge its support to help fight poverty in New York City. The group is asking that all fund managers direct all equity trades through CIBC World Markets and designate Robin Hood as the beneficiary.

“On Dec. 4 we need the hedge fund industry’s support to surpass the $12 million record set last year on Miracle Day and help Robin Hood to improve the lives of poor children and families in New York City,” Mr. Druckenmiller said in a statement.

Robin Hood partners with grassroots organizations to give them the resources and funding they need to help prevent poverty through programs in early childhood, education, youth and job training.

The March of Dimes is sending out letters to investment companies letting them know that the Greater New York March of Dimes is one of the charities nominated to participate in Miracle Day. According to Jean Maisano, director of development at the New York March of Dimes, the group is eager to get the word out to hedge fund managers, too. With a focus on community service, the group has awarded research grants to eliminate birth defects and better understand the causes of pre-term birth.

The March of Dimes and Robin Hood are just two of a number of charities chosen to participate on Miracle Day. CIBC’s Miracle Day has supported more than 750 organizations worldwide through its U.S., Canadian, Asia/Pacific and European offices. The fundraiser began in 1984 and has raised and distributed more than US$60 million to children’s charities. One of the largest single-day fundraising events for children’s charities, Miracle Day is held annually on the first Wednesday of December.

More information on Miracle Day is on CIBC’s web site, www.cibcwm.com.

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