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Wednesday, March 25, 2020

Fundsters Donate Millions to Coronavirus Crisis Relief

News summary by MFWire's editors

Fundsters are contributing millions of dollars to coronavirus relief efforts.

William Hunt Gross
BlackRock, the world's largest asset manager (by AUM), is committing $50 million to efforts related to the COVID-19 pandemic, supporting food banks and community organizations in American and Europe, Reuters reports. The $18-million first tranche of that funding has already been sent out.

"Our food bank partners tell us that they're already struggling with declining volunteer numbers and retail donations, compelling them in real time to redesign their operating model," the BlackRock team tells Reuters.

A retired star PM is another person contributing to such efforts. Yesterday the team at the William, Jeff and Jennifer Gross Family Foundation revealed that they're donating $1.5 million to organizations in Southern California. The foundation is backed by former bond king Bill Gross and two of his kids.

"Jennifer, Jeff and I are honored to support the heroic work being performed by these organizations and the volunteers who are tirelessly working to provide relief to the people who need it most during this unprecedented crisis," Gross states.

The organizations that Gross' foundation are supporting include: including the OC Food Bank, the Second Harvest Food Bank of Orange County, the National Domestic Workers Alliance Coronavirus Care Fund, World Central Kitchen, the Recording Academy's MusiCares, the United Way of Greater Los Angeles, and the Restaurant Workers' Community Foundation. (Gross is a longtime resident of Orange County, and the foundation is based in Laguna Beach.) 

Edited by: Neil Anderson, Managing Editor


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