Yahoo Finance Dalio charity gives to Singapore school to train wealth managers
By Ishika Mookerjee
(Bloomberg) -- Dalio Philanthropies has made a US$25 million grant to a Singapore institute to train policy makers and investment professionals on market principles, as part of an effort to boost investing skills in the region.
The grant will help Wealth Management Institute Ltd. set up a program on market behaviour and support research, conferences and forums, according to a statement. Courses will begin in 2021, covering economic fundamentals, market fundamentals, portfolio construction and risk management, and case studies.
Dalio Philanthropies, which was founded by Bridgewater Associates’ billionaire co-chief investment officer Ray Dalio, has invested in education, environmental protection and access to technology among other fields. Dalio’s net worth is US$15.4 billion, according to data compiled by Bloomberg. He will chair the program’s advisory board.
“Through this initiative with WMI, my family and I hope we can contribute to Singapore’s continued development and enhance the level of investment knowledge and expertise throughout the region,” Dalio said in the statement.
Singapore, a major wealth management hub in Asia Pacific, is home to more than 895 money managers. The city-state’s assets under management grew 16% to US$2.9 trillion last year, as political and social turbulence rocked rival Hong Kong and the region’s aging billionaires set up more family offices to manage their money for succession planning.
Other billionaires have contributed to Singapore’s universities in the past. Lee Foundation, established by business magnate Lee Kong Chian, committed S$50 million ($39 million) to Singapore Management University in 2004 -- the largest ever contribution to a local institution at the time. More recently, Indonesia’s Lippo Group, which was founded by Mochtar Riady, made donations to National University of Singapore and Singapore Management University.
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