LONDON - Every spring, top financiers would mingle with royalty and guests like Madonna, Bill Clinton and Kevin Spacey for a gala to raise money for programs to improve literacy in India and fight AIDS in Africa.
The dinner was a fund-raiser for Ark, the children’s charity founded by the hedge fund manager Arpad A. Busson. The $15,500-a-ticket fund-raiser, known for its exclusive guest list and extravagant menu served in unusual locations, became an annual fixture for London’s top hedge fund managers and celebrities.
But several thousand canapés and empty bottles of champagne later, Ark said the gala dinner, held for the last 10 years, was no longer the right way to raise money. The charity, which received about $28 million in donations at the party last year, will now focus on exhibitions about its projects and smaller events to raise funds, it said.
“The dinner was a great thing to get people to know us but we now want the programs to be front of mind,†said a spokeswoman for Ark, which stands for Absolute Return for Kids. The charity might still hold gala dinners, the spokeswoman added, but no longer as an annual event.
Last year, Prince William and his wife, Kate, the Duchess of Cambridge, joined Pierre Lagrange, a co-founder of GLG Partners, and Louis Bacon of Moore Capital Management. The event was held in Kensington Palace Gardens, surrounded by some of the most expensive properties in the world. After playing a few songs, the band Kings of Leon agreed to donate a guitar, which was auctioned off together with other prizes like a week on a yacht.
Over the years, the dinners helped Ark to raise more than $230 million for its projects, including those supporting vaccinations in Zambia and helping orphans in Romania and Bulgaria. Mr. Busson is chairman of EIM, a fund-of-funds company he set up in 1991. He is a co-chairman of Ark along with Ian Wace, the chief executive and co-founder of the hedge fund Marshall Wace.
The cancellation of the gala was first reported by The Financial Times.
