Saturday, January 4, 2014

Adios, Wall Street. Hello Giving Programs.

A growing number of billionaire investors and young financial professionals are leaving Wall Street to focus on giving programs and the development of innovative nonprofits, according to CNBC.

Along with well-known examples like hedge-fund kingpins Tom Steyer and John Arnold, who retired relatively young ages to become full-time philanthropists, the cable network cites prominent fund managers who have signed the Giving Pledge and analysts who left Wall Street firms in their 20s to start groups like New Profit, which invests in nonprofits, and the charity evaluator GiveWell.

A study by The Bridgespan Group, a philanthropy adviser, found that more people are retiring from finance careers at younger ages to pursue giving and social goals. “We’re seeing a powerful trend toward investors who want to do more than just write checks to causes they care about. They want to get more directly involved to drive better results, faster,” said Susan Wolf Ditkoff of Bridgespan.

From: Philanthropy Today

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