There is no crime more abhorrent than child abuse, yet the statistics of occurrence are staggering.
In the United States, 5.6 million children were prey to reported abuse last year and estimates of those cases that were not reported bring that number up to 300 per cent higher.
The social and economic costs are overwhelming, with long-reaching affects of violent trauma often leading to increased use of drugs and alcohol, mental illness and criminal activity as young victims reach adulthood.
Hedge fund industry professionals established Hedge Funds Care, a charitable organisation focused on assisting young victims of abuse, in 1998.
Since that time, chapters have opened in New York, San Francisco, Dallas, Chicago, Atlanta, Toronto and as of July 2005, the Cayman Islands. The targeted groups for the organisation include money managers, investors, prime brokers, attorneys, accountants, administrators and information providers, states a press release.
Hedge Funds Care is committed to providing financial assistance to those local, community-based, non-profit organisations that provide: prevention services including awareness training; treatment; support services; research on best practices; and legal advocacy.
The Cayman Islands Chapter of Hedge Funds Care is soon to be established, thanks to the hard work of the ‘Committee of Hearts members.
Glen Wigney, partner at Deloitte (Cayman) was actively involved in spearheading this project.
‘The Cayman Islands has established itself as the jurisdiction of choice for offshore hedge funds. Given that a number of accountancy firms, law firms and banks derive significant fees from providing professional services to the industry we felt it important we give something back to the community. Hedge Funds Care seemed the obvious choice. It is a charity specifically incorporated to raise funds from the hedge fund industry and then channel these into charities that are working hard to prevent child abuse as well as care for abused children. All funds raised from Hedge Funds Care Cayman will be used to further child care programmes in the Cayman Islands. We are the first offshore chapter of Hedge Funds Care and are thrilled to be part of this rapidly growing charity,’ he said.
The Cayman Committee of Hearts comprises individuals from Deloitte, Ogier & Boxalls, Fortis Funds Services, dms Management Ltd., Rawlinson & Hunter, Ernst & Young, Citco, Maples & Calder, UBS Fund Services and Walkers.
The main focus of this committee is to organize a major fund raising benefit in Cayman and to distribute those funds to Cayman’s non-profit organisations and programmes whose mission it is to prevent and treat child abuse. This is facilitated with the assistance of a child welfare expert that will assist with the request for proposals, the grant selection process and providing the oversight and evaluation of the funded projects.
The A Dash of Red black tie gala benefit dinner will take place Thursday at Grand Old House in Grand Cayman.
Organisers are already receiving sponsorship pledges, including the purchase of tables at the event, ad sales in the event programme, donations for the auction, which will be a highlight of the evening and for individual seat sales.
Glen Wigney believes that this event will be a success.
‘Grand Cayman is such a wonderful weekend destination, especially in November, and if you could support a great cause while relaxing on the beach for the weekend, why wouldn’t you?’
For more information on the work of Hedge Funds Care visit their website at www.hedgefundscare.com. To become involved in the local chapter or to purchase event tickets or sponsorship packages, contact Christopher Carpenter 949-7500.