Portfolios with Purpose
Abbreviation | PwP |
---|---|
Motto | Invested in Giving |
Formation | 2011 |
Type | Foundation |
Legal status | Non-Profit Organization |
Purpose | Humanitarian Aid |
Location |
|
Chief Executive Officer/Founder | Stacey Asher |
Main organ | Board of Directors |
Staff | No salaried employees; volunteers only |
Portfolios with Purpose (“PwP”) is a registered 501(c)(3) Non-profit organization[2] founded by Stacey Asher in 2011.[3] It is an annual virtual stock selection competition in which players of novice and professional experience pay a nominal entry-fee[4][5][6][7] to choose a five-stock, long-term portfolio. The contestants with the top-performing portfolios over a 12-month period will direct the sum total of the collected entry-fees to the charitable cause of their choice; and have the opportunity of a meeting with one of the professional hedge fund managers.[2][5][6]
Mission
Portfolios with Purpose was founded to create an engaging competition for those in the financial community and home/amateur[2] investors alike, to personally align themselves with a charitable cause to play for; and to provide a venue for people who might not otherwise be inclined to give to charity, a place to become a part of a larger philanthropic community.[3][8]
Operations
Portfolios with Purpose is an all-volunteer, non-profit organization overseen by a board of directors. Competitor stock portfolios are tracked, and progress is calculated daily. The contest's financial audits are prepared by Deloitte, and player's entry-fees are held in escrow at JPMorgan Chase.[9] 100% of entry-fees net of credit card service charges are donated to top three competitor's, chosen charitable causes.[5][6]
Senior Management
Asher is the Founder and current CEO, Alex Duran of Permian Investment Partners[10] is Chief Financial Officer and Financial market Subject-matter expert, Joshua Williams is the Chief Operating Officer.[1]
Media Coverage
After a year-long trial period, the public announcement of Portfolios with Purpose was conducted on June 20, 2012.[11]
On September 6, 2012 Portfolios with Purpose announced the start of public registration, and the participation of several major hedge fund players: David Einhorn, Dan Loeb, Leon Cooperman, and Karen Finerman on the CNBC Fast Money Halftime Report.[12]
Asher's professional background and the history of the formation of Portfolios with Purpose is detailed along with other notable public figures in Forbes Magazine on December 1, 2012.[3]
On December 19, 2013 Portfolios with Purpose announced the official launch of the 2014 Contest Year with several participating philanthropists.[13] The Giving Pledge signatory Leon Cooperman, and Robin Hood Foundation board member David Einhorn[13] both founding Portfolios with Purpose members announced their return to the contest. As well as James Dinan,[2] Marc Lasry, Rich Pzena, and Doug Silverman.[4]
History
After a decade of working in the hedge fund industry on Wall Street, Portfolios with Purpose's Asher[14] went to Tanzania in June 2011, to volunteer in a food kitchen. Here she learned that feeding 250 children, one meal a day, five days a week, cost only $500 a month. Knowing that professionals in the finance industry were easily able to donate these amounts, the missing piece was a charitable vehicle to give competitive Wall Street traders back home a way to compete with their peers, for their own personal charitable cause.[3][8][15]
In December 2011, Portfolios with Purpose was born out of a meeting with hedge fund manager Joel Greenblatt in which he provided his backing as a player in the contest, and the seed money to set up the organization.[3]
References
- 1 2 "Contact Us". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
- 1 2 3 4 "Portfolios With Purpose: Stock Picking for a Cause". WSJ. Wall Street Journal. Retrieved 5 November 2013.
- 1 2 3 4 5 Ziegler, Maseena (1 December 2012). "When Quitting Is Not An Option - How You Can Find Purpose And Fulfillment Through Your Career". Forbes. Retrieved 12 December 2012.
- 1 2 "Scene Last Night: Stock Pickers Ready for Charity Contest". BloombergLuxury. Bloomberg. Retrieved 20 December 2013.
- 1 2 3 "Contest". Portfolios with Purpose. Portfolios with Purpose. Retrieved 12 December 2012.
- 1 2 3 Williamson, Christine (23 July 2012). "Stock-picking competition all for a good cause". Pension Investments. Retrieved 12 December 2012.
- ↑ Chen, Jing (29 June 2012). "Hedge Fund-Backed Charity 'Stocks Up' for Good Cause". eVestment Alliance. Retrieved 12 December 2012.
- 1 2 "About Us". Portfolios with Purpose. Portfolios with Purpose. Retrieved 12 December 2012.
- ↑ "Frequently Asked Questions". Portfolios with Purpose. Portfolios with Purpose. Retrieved 24 December 2013.
- ↑ Annex, Film. "Alex Duran on Portfolios with Purpose". Film Annex. Retrieved 21 August 2013.
- ↑ "PwP Tests Your Investing Acumen, All In The Name Of Charity". FINAlternatives. FINAlternatives. Retrieved 12 December 2012.
- ↑ "CNBC". CNBC Video Archive. CNBC Video Archive. Retrieved 12 December 2012.
- 1 2 "Trading for Charity". CNBC. CNBC. Retrieved 19 December 2013.
- ↑ "PORTFOLIOS WITH PURPOSE — A STOCK CONTEST WITH A MISSION". Investor Place. Investor Place. Retrieved 24 December 2013.
- ↑ "Portfolios with Purpose – Putting Wall Street to work for charity". MarketWatch. MarketWatch. Retrieved 24 December 2013.