Ken Griffin’s Citadel starts coronavirus aid efforts
For this hedge fund family, the fight is personal
For Ken Griffin's hedge fund Citadel and Citadel Securities, a global market maker, tackling the coronavirus crisis is personal and behind the decision among employees to donate millions in aid.
“Our hearts go out to all impacted by this situation, particularly those in China which is the native country of many of our colleagues,” said Kenneth C. Griffin, founder and CEO of Citadel, in a statement.
One of those individuals is Peng Zhao, CEO of Citadel Securities, who received his bachelor’s degree in applied mathematics from Peking University before moving onto the University of California at Berkley, according to his bio.
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Together the two firms are donating $7.5 million in support which will be funneled among two humanitarian aid organizations, Hubei Charity Federation and China Charity Federation.
Out of that pool, $1 million was used to purchase tough to find medical supplies for items such as hand sanitizer, and face masks, the firm tells FOX Business. As of Monday, those supplies are on the way to Hubei Xinhua Hospital in Wuhan, ground zero.
“Our first priority was delivering much-needed supplies requested by local medical professionals and enabling experts to administer aid as effectively as possible. We commend the brave medical personnel dedicated to treating patients and protecting communities,” said Zhao in a statement.
The firms are taking it a step further and are closely working to fast track the development of a vaccine but declined to be specific on which drug makers or health organizations they are working with.
CHINA CORONAVIRUS DEATH TOLL 425 WITH 20,438 TOTAL INFECTED, OFFICIALS SAY
On Monday, the death toll from the virus climbed to 425 in China, with the number of those infected climbing to 20,438.
In addition the human toll, the crisis is impacting the global economy.
CORONAVIRUS PUSHES OIL INTO BEAR MARKET
The halting of travel to China, flight cancellations and travel to other regions such as Hong Kong are roiling financial markets.
Oil slipped into a bear market on Monday, one the fastest slides over the past seven years, from the recent highs.