The Chicago-based Kenneth and Anne Griffin Foundation is likely to fold as a result of the pending divorce of its founders, hedge fund billionaire Kenneth Griffin and his money-manager wife, Anne Dias Griffin, the Chicago Tribune reports.
Griffin, who founded hedge fund firm Citadel, and Dias Griffin, who founded Aragon Global Management, are co-presidents of the Griffin Foundation, which has pledged more than $100 million to charitable and philanthropic causes since 2009, including a $16 million gift to the Ann & Robert H. Lurie Children's Hospital of Chicago. Sources told the Tribune that, with Griffin having filed for divorce, the foundation likely will be wound down and consolidated into the Citadel Foundation. The foundation's 2011 and 2010 tax returns list Griffin as the foundation's sole donor, while its 2012 tax return lists no revenues, grants, or assets. In February 2014, Griffin personally pledged $150 million to his alma mater, Harvard University, to fund undergraduate scholarships and an endowed professorship of business administration.
"Ken Griffin and Citadel will continue to play a very active role civically and philanthropically," said Citadel spokesperson Katie Spring. All pledges made by the Griffin Foundation will be funded in their entirety, she added.
In a court document filed last week, Dias Griffin said she put aside her own hedge fund business to raise their children and "build the family's civic and philanthropic interests through the Kenneth and Anne Griffin Foundation." A recent article in a Harvard alumni publication featured Dias Griffin's work with the Chicago Heights Early Childhood Center, an experimental early childhood education program she founded in 2010 to help close the achievement gap among low-income preschoolers in the city; the foundation has given more than $13 million to CHECC. University of Chicago economics professor John List, a partner in the effort, told the Tribune the divorce has had no effect on the center.
"Anne was saddened to learn that Ken has decided to wind down the foundation and disappointed that he did not involve her in this decision," a source told the Tribune.