One of the most famous hedge fund managers — Daniel Benton, chairman, chief executive officer and founder of Andor Capital Management LLC, Greenwich, Conn. and New York — continues his tradition of philanthropy with a gift of $10 million this year to Colgate University, Hamilton, N.Y.
Mr. Benton's 2004 gift will be combined with a $25 million grant from Robert H. Ho, a 1956 Colgate graduate and chairman of Kyard Ltd., the Hong Kong-based investment company. The money will be used for capital projects on campus, including a total renovation of the library to include more information technology resources, as well as improvements to residential buildings.
In a statement, Colgate University President Rebecca S. Chopp said the gifts will permit the college to "update the liberal arts skills our students must have ... and we will ensure that our students value the art of curiosity and the wonder of discovery."
Mr. Benton, a 1980 Colgate graduate, is the youngest-ever member of the James B. Colgate Society, a group for donors whose lifetime contributions to the university total $1 million or more. Mr. Benton, well known as a technology stock picker, has been a trustee of the university since 2001. In 2002, he issued a $1.5 million challenge to other alumni as part of a fund-raising drive, and a record 14,200 or 55% of alumni responded, up from 47% the previous year, according to a statement from the university.
Mr. Benton co-founded Pequot Capital Management and left the firm in 2001, taking with him with about 50% of the then $15 billion under management, which he used to establish Andor.