Portfolios with Purpose
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| Abbreviation | PwP |
|---|---|
| Motto | Invested in Giving |
| Formation | 2011 |
| Type | Foundation |
| Legal status | Non-Profit Organization |
| Purpose | Humanitarian Aid |
| Location |
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Chief Executive Officer/Founder
|
Stacey Asher |
|
Main organ
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Board of Directors |
|
Staff
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No salaried employees; volunteers only |
New York, NY 10017
1-855-JOIN-PWP (564-6797)
Portfolios with Purpose (“PwP”) is a registered 501(c)(3) Non-profit organization founded by Stacey Asher in 2011. It is an annual virtual competition in which players of novice and professional experience pay a nominal entry-fee to choose a five-stock, long-term portfolio. The contestants with the top-performing portfolios over a 12-month period will direct the sum total of the collected entry-fees to the charitable cause of their choice; and have the opportunity of a meeting with one of the professional hedge fund managers.
Portfolios with Purpose was founded to create an engaging competition for those in the financial community and home/amateur investors alike, to personally align themselves with a charitable cause to play for; and to provide a venue for people who might not otherwise be inclined to give to charity, a place to become a part of a larger philanthropic community.
Portfolios with Purpose is an all-volunteer, non-profit organization overseen by a board of directors. Competitor stock portfolios are tracked, and progress is calculated daily. The contest's financial audits are prepared by Deloitte, and player's entry-fees are held in escrow at JPMorgan Chase. 100% of entry-fees net of credit card service charges are donated to top three competitor's, chosen charitable causes.
Asher is the Founder and current CEO, Alex Duran of Permian Investment Partners is Chief Financial Officer and Financial market Subject-matter expert, Joshua Williams is the Chief Operating Officer.
After a year-long trial period, the public announcement of Portfolios with Purpose was conducted on June 20, 2012.
On September 6, 2012 Portfolios with Purpose announced the start of public registration, and the participation of several major hedge fund players: David Einhorn, Dan Loeb, Leon Cooperman, and Karen Finerman on the CNBC Fast Money Halftime Report.
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