Billionaire financier Hillman's estate benefit foundations

Markets Associated Press

The estate of billionaire financier Henry Hillman will largely benefit foundations controlled by his relatives, which will receive $800 million from his fortune.

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David Roger, president of the Hillman Family Foundations, tells the Pittsburgh Post-Gazette that $700 million will go to the Henry L. Hillman Foundation. The Pittsburgh-based charity plans to expand its annual grants from about $7 million to about $40 million.

The rest of the money will go to foundations headed by Hillman's four children and nine grandchildren.

Forbes magazine estimated Hillman's worth at $2.6 billion, but Roger says that likely includes assets already transferred to family members.

Hillman died last month at age 98. In his decades in finance, he transformed his family's firm, Hillman Co., by shedding industrial holdings in favor of technology and real estate investments.

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Information from: Pittsburgh Post-Gazette, http://www.post-gazette.com