Hedge Fun
Over the past 15 years, Kenneth Griffin has quietly—even secretively—built one of the world's largest and most successful hedge funds. Now he and his wife, owners of a $60-million Cézanne, are rising stars on the city's culture and charity scenes.
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Both have developed reputations as art lovers. On top of the purchase of the Cézanne ("a magnificent work," Griffin exclaims), he has also acquired an Edgar Degas sculpture, Little Dancer, Aged Fourteen, Original in Wax. Both works are on display at the Art Institute, though the Griffin name is not. Each piece is listed as being on "anonymous loan." And Griffin plans to keep collecting. "In the years to come, there will be other works of interest to my wife and me," he says.
In recent years, Kenneth Griffin has joined the boards of the Art Institute and the Museum of Contemporary Art. Spokes-persons for those institutions declined to talk about Griffin, citing policies of confidentiality for board members. Some fellow board members-who asked that their names not be used-said Griffin was still a relative unknown but was gaining respect as an astute and serious collector, not just another deep pocket to tap.
When not buying or discussing art, Griffin is plowing money and time into improving public education. He is a board member of the Chicago Public Education Fund, a venture capital fund that backs educational initiatives. (A spokesman for that group also declined to discuss Griffin.) Meanwhile, Anne Griffin is a recent addition to the board of Children's Memorial Hospital. (Mrs. Griffin did not return calls seeking an interview.)
It is uncertain just how much money the Griffins are pledging to give these days. The latest Illinois Charitable Organization Annual Report lists disbursements in 2003 by the Citadel Group Foundation-the hedge fund's charitable entity-totaling just $107,555 to a handful of child-oriented charities. But last year that foundation reportedly invested $1 million as part of a $15-million effort by the Chicago Public Education Fund to improve the quality of principals in the school system. Looking at a copy of the Citadel Group Foundation's 2003 state report, Griffin notes that it is just one philanthropic vehicle and is not the Griffins' "primary means of giving."
Socially, the couple are making a splash as well. A high-ranking fellow member of the local business community says the Griffins are attending more parties and events than ever before, a claim that prompts Kenneth Griffin to drop his guard just a little to note: "My wife and I always say that time spent with our friends comes first."
Robert Reed is host of the WBBM Evening Business Wrap-up, heard weeknights at 6:30 on WBBM Newsradio 780.
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