Chicago's Pritzker family, which owns the Hyatt hotel chain, has reorganized its philanthropic holdings, transferring hundreds of millions of dollars from family foundations, including the Pritzker Foundation, to charitable entities controlled by eleven cousins, the Chicago Tribune reports.
The process to revamp the family's charitable structure has been underway since last year, when the cousins decided to break up the family's $15 billion business empire and split the wealth. One person familiar with the family said the change would probably lead to more charitable giving by Pritzker family members in the future because more of them will be involved in giving decisions. "This family has been here for generations," said J. Ira Harris, an adviser to the Pritzker Organization, the family's investment banking arm. "Their name is all over the city of Chicago. They've been an important part of the city and they always will be."
Nicholas Pritzker, a Russian immigrant who became a successful lawyer and businessman in Chicago, began building the family's fortune in the early 1900s. After the death of his grandson Jay A. Pritzker in 1999, a family squabble led to the agreement to split up the holdings among the eleven fourth-generation cousins.