Bloomberg.com: Japan-Hedge Fund, Alternative Asset Managers to Start Charity in Asia

Bloomberg.com: Japan: "Hedge Fund, Alternative Asset Managers to Start Charity in Asia

May 22 (Bloomberg) -- Hedge fund managers in Asia are showing their soft side by setting up a charity, the first of its kind in the region.

Returns Invested in Children and Education, or RICE, will also raise money for minors in developing nations from private equity funds, investment banks, prime brokers and family offices.

``We see a need for the hedge fund industry, which in some respects makes an outlandish profit, to give some of that back into charity and back into the society,'' said Michael Nock, who oversees about $500 million at Doric Capital Corp. in Hong Kong."

Tags: Corporate Social Responsibility