Art Institutions Court Hedge-Fund Managers
December 13, 2006 | Read Time: 1 minute
Hoping to boost their assets and gain valuable financial advice, the nation’s major art institutions are increasingly seeking out hedge-fund managers to join their boards, The New York Times reports.
But given the billions of dollars that hedge-fund executives have spent on art—Steven A. Cohen of SAC Capital has invested well over $500-million himself—only a few have made big donations so far.
Kenneth C. Griffin, the founder of Citadel, has donated $19-million to the Art Institute of Chicago’s new modern wing. And Bruce Kovner, who runs Caxton Associates, a fund in New York, has given $20-million for Lincoln Center’s new campus.
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