Charity receives hedge fund gift

Stanley Fink, a leader in the world's hedge fund industry, has arranged a share gift that could benefit a UK charity by nearly £4m.

Fink, who is chief executive of the Man Group, has sold 2.58 million shares to an undisclosed charity for a price of 336 pence per share, which is below the current market price of 485 pence. The charity could make a gain of £3.8m above its £8.6m outlay.

Fink is a long-standing trustee of Absolute Return for Kids and this year joined the board of Guy's and St Thomas' Charity. He stands to receive a tax rebate of 40 per cent of the value of the donation, which would give him about £1.5m at the current share price.

"In receiving shares in this way, charities are potentially playing the stock market," said Lee Grant, project manager for tax efficiency at the Institute of Fundraising.

"If the charity chooses to hold on to the shares, there is room for fluctuation in the price - share prices can go down as well as up."

- See Letters, page 15.

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