Loeb Family Fund to Be Split Up

The $90-million Frances and John L. Loeb Family Fund, created last May by the couple’s estate, will be split into five funds.

The couple’s children have decided to dissolve the foundation, the assets of which will be divided evenly and distributed into foundations controlled by each of the five children. Jerome Manning, a New York lawyer handling the foundation’s affairs, explained that the decision reflected the fact that the Loeb children have differing philanthropic interests.

The Loeb fund was created last May with proceeds from the sale of the Loebs’ collection of Impressionist and Post-Impressionist art. In an auction at Christie’s, the artwork brought $94.7-million, of which about $84-million went to establish the family foundation. An additional $5-million was transferred to the foundation from a previously existing fund.

Mr. Manning said that the family members had not yet announced what charitable purposes they would support under the new arrangement.