Many people have supported and given time to RICE and we thought it is about time we tell everyone in the hedge fund community what has been done, how much money has been raised and where that money has gone to.
It’s also time to thank some of the individuals who have dedicated time and money to the cause; we can’t list everyone here, but we are grateful to you all.
Events Thus Far
- The Masters of Asian Hedge Awards 2006
RICE, Returns Invested in Children and Education, was launched at the Masters of Asian Hedge Awards in May this year. 10% of the profits from the event went to the charity along with the proceeds of an auction and silent auction.
The sponsors on the evening were E*TRADE, UBS, Credit Suisse, Morgan Stanley, Deutsche Bank, Citigroup, Beauchamp Linedata, Fiat, Eurekahedge, Hedge Funds.World and Fortis.
Special thanks has to be given to HSBC who not only acted as main sponsor of the event but pledged US$30,000 to the charity yearly, as well as David Baran of Symphony Financial Partners who gave US$20,000.
We would also like to thank people who contributed items to the auction:
Rupert Vaugh Williams of Comada and Karl Gysin Sr of Swiss Financial Services;
Michael Nock of Doric Capital and Alison Ethell of EIM;
Anan Resorts and Hannah Goodwin of Citigroup;
Universal Assets Group;
Susanne Petri of IMS Consulting and Richard Armstrong of Eurekahedge; and
Paul Smith of HSBC and Steve Diggle from Artradis.All in all, over US$100,000 was raised and pledged on the night.
Thanks to all who attended and made it a great night.
- AIMA Tokyo Blues Night benefiting RICE
The Tokyo hedge fund community was entertained by the local band Rollercoaster and had the added benefit of giving to charity. The event raised 900,000 yen.
We are very grateful to AIMA Japan, Hachibushu, White and Case, HSBC, Ramius Capital, AIP, UBS, Orix, Bloomberg, Evolution Japan Advisors and Softbank for putting on a wonderful evening.
Special thanks go to Anna Sils from UBS for giving RICE the opportunity to benefit from this Tokyo industry initiative.
Where the Money Went!
In September the Investment Committee of RICE, Returns Invested in Children and Education, met to select the first charities to support:
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The Charles Foundation
This donation encompasses two projects and represents the largest allocation we have made. Members of the investment committee met with Mrs Charles and found the work of the Foundation deeply compelling. The Charles Foundation meets RICE’s fundamental criteria; we can see how the money we provide makes significant and fundamental changes in the lives of deprived children. Special thanks has to go to Nancy Liu from Doric Capital for visiting the charity on site and helping with the due diligence process.
The Charles Foundation facilitates the education of underprivileged children, with an emphasis on girls, as it is still customary for many minority communities in rural areas of China to deny girls educational opportunities. The Foundation aims to break the cycle of poverty and illiteracy through education and to empower minority communities to participate more fully in all areas of society.
(1) Building a school at Hong Zing Village in Da Liangshan Yizu and Tibetan Autonomous Regions (100 students, 3 classrooms)
(2) Providing bedding/housing, food, clothing and school books for severely disadvantaged children at Lou Gu Po Primary School and Si He Primary School (orphans, street kids, children with handicapped parents, handicapped children). Funds will also be allocated to pay for someone to look after the children's emotional and physical well being. - Sok Sabay Sok Sabay (Khmer for "happiness") was started and is managed by Marie Cammal, a nurse with 20 years’ experience of nursing in SE Asian refugee camps. It was set up in 1994 to address the clear need to rescue and care for child victims of sexual and other abuses, prostitution and trafficking. When the children arrive, Sok Sabay helps them to start to leave behind the abuse they have suffered and look to the future in a more positive way. RICE has committed to buy, literally, the rice for these children for one year. This project represents a small investment but the return for these children is immeasurable.
- Tsunami Education Fund (TEF)
Set up in early 2005, the purpose of TEF is to provide monthly payments of Rp100,000 (about US$14) for the educational expenses of primary and secondary school-age children orphaned by the tsunami. The fund covers expenses related to education, such as uniforms, shoes, books, stationery supplies and transportation. TEF requires annual school reports and school attendance records, and accepts children of all academic abilities. It funds each child until they complete secondary school. TEF interviews each child, and has a closely monitored arrangement with an Indonesian bank for each child to have their own bank account to which the payment is made monthly. TEF has a number of strategies in place for making sure that the scholarship money is used by Acehnese orphans to go to school. The fund is expected to continue for about a decade, when the youngest TEF student will have completed secondary school.
RICE has committed to supporting 60 children through TEF on an ongoing basis for the next five years.
Each of these charities is doing extraordinary work. We are keen to continue our relationship with all of them by visiting their projects, remaining in touch with their achievements and learning of their future plans, with the possibility of supporting their work. This is in addition to a level of reporting and documentation which is appropriate to each donation we have made. RICE is committed to transparency. We want to know and be able to demonstrate that your money is making a real difference in the lives of children. If you would like more information on the RICE due diligence process, please contact Alison Gerry at alisongerry@thericefund.org. You may also contact her if you have any charities which you would like us to consider
And Now We’ve Pulled at Your Heart Strings…
It’s time to announce a party.
On the 29 November, RICE is holding a Christmas party at the MINT club in Hong Kong. We have space for 200 people to attend and there will be a charity auction.
This promises to be the most glamorous event of the Hong Kong Christmas season, so if you would like to see yourself in Hong Kong Tatler, wear something wonderful.
Our initial sponsors are FIMAT, Citigroup, Fortis, Deacons, UBS, HSBC, Lehman Brothers and Barclays Capital. There is always space for more and remember 100% of the profits from this event goes to the charity.
The price of attendance is US$500 per ticket or a donation of an object for the auction of equal or greater value. Please be aware that tickets are becoming limited, if you wish to attend or donate an item to the auction, do let us know as soon as possible.
For more information on this event, please contact Kate Colchester on advisor@eurekahedge.com or Kirby Daley on kirby.daley@sgcib.com.
For more information on RICE, please visit www.thericefund.org.
