AltruShare Becomes First Nonprofit-Owned Brokerage Firm after Gift to Tides, Underdog Foundations.Community Investment Enterprise business model combines traditional brokerage services with social responsibility; will reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. profits to revitalize re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. underserved communities BRIDGEPORT, Conn. & SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- AltruShare Securities, the first institutional brokerage firm specializing in community investment, announced today that it has donated majority ownership in the for-profit entity to Tides Foundation Tides Foundation (est. 1976) is a public charity which offers donor advised funds, philanthropic advice and other grantmaking and foundation management services. Tides' vision statement states the organization "actively promotes change toward a healthy and just society" based on "social and Underdog Foundation. Launched in March 2006, AltruShare specializes in community investment while offering comprehensive and competitive brokerage services including best execution, superior service and value to institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. . Led by a management team with more than 40 years of domestic and international experience in institutional brokerage and portfolio trading, AltruShare[THORN]as agency-only model offers superior brokerage services free of traditional conflict of interests. Through its [THORN]Community Investment Enterprise[THORN]O business model, AltruShare combines traditional brokerage services with social responsibility without incurring any costs to its clients. The firm sponsors cutting edge independent research on community investment, including portfolio audits, industry reports, community research; it also offers market analysis and intelligence, block trading, algorithmic trading Algorithmic Trading A trading system that utilizes very advanced mathematical models for making transaction decisions in the financial markets. The strict rules built into the model attempt to determine the optimal time for an order to be placed that will cause the least amount of and direct market access. AltruShare selected Tides Foundation and Underdog Foundation after conducting a national search of potential nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. partners identified as a community foundation. The foundations have a combined 40 years experience in community-based investment, which will help AltruShare determine the best ways to reinvest its profits [THORN] from the AltruShare Opportunity Funds [THORN] in communities where it conducts business. AltruShare will focus its social responsibility initiatives on revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. underserved communities through youth development, education, and economic opportunity. It has already conducted a [THORN]needs analysis[THORN]O in California, Connecticut, Massachusetts, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Ohio, and Pennsylvania. Although AltruShare will work closely with its nonprofit owners, AltruShare is a for-profit venture that will support research and community investment through its own profits. It does not accept donations and its nonprofit owners will not have a say in the management of the brokerage business. [THORN]AltruShare competes on best execution, service and value, and uses the latest technology, but what makes us different is that we represent a new partnership between Wall Street and Main Street because AltruShare was created to reinvest in the communities we serve. We offer superior quality and execution and at the same time reinvest in underserved communities without any cost to the investor,[THORN]O said Peter Drasher, co-founder and managing partner, AltruShare. [THORN]Tides and Underdog bring a terrific track record of national expertise, 40 years of experience in community-based investment and philanthropy philanthropy, the spirit of active goodwill toward others as demonstrated in efforts to promote their welfare. The term is often used interchangeably with charity. , and a commitment to innovation. Our goal is to develop a sustainable source of support for economically disadvantaged communities. We feel that given the same service and cost, clients will choose a brokerage firm whose profits are reinvested in the community,[THORN]O said Dawn Edwards, co-founder and president, AltruShare. Changes in government and the philanthropic sector have been driving the need for innovative approaches to solving the needs of underserved communities. "We look forward to serving as AltruShare's philanthropic partner as the firm grows and develops its innovative Community Investment Enterprise model, which will [THORN] through the AltruShare Opportunity Fund at Tides [THORN] support youth, education and economic development in diverse and underserved communities around the country," said Drummond Pike, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Tides Foundation. The Underdog Foundation will be managing a national community investment program for Altrushare to help communities which are often ignored or forgotten [THORN] communities who are considered the underdog. [THORN]From day one, Peter was clear that he didn[THORN]at want giving something back to communities to be the last thing he did in his company; he wanted it to be the first thing. At the Underdog Foundation, we[THORN]ave been lucky to work with people using their companies or investments to innovate and to make the biggest possible difference with their philanthropy. It[THORN]as amazing a·maze v. a·mazed, a·maz·ing, a·maz·es v.tr. 1. To affect with great wonder; astonish. See Synonyms at surprise. 2. Obsolete To bewilder; perplex. v.intr. that Peter found a business model that allows institutional investors a way to get best execution and still know that their trading business is giving back to those communities with the greatest needs,[THORN]O said David Berge, president, Underdog Foundation. About Tides Foundation Since 1976, Tides Foundation has partnered with donors and institutions by offering donor advised funds A Donor-Advised Fund (DAF) is a charitable giving vehicle set up under the tax umbrella of a public charity, which acts as sponsor to many Funds. A Donor-Advised Fund offers the opportunity to create an easy-to-establish, low cost, flexible vehicle for charitable giving as an , philanthropic advice and management services for progressive social change philanthropy. Tides is committed to strengthening community-based nonprofit organizations Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. and the progressive movement through national and global philanthropy - creating a positive impact on people[THORN]as lives in ways that honor and promote human rights, economic justice and a healthy, sustainable environment. For more information, visit www.tidesfoundation.org. About Underdog Foundation The Underdog Foundation works to meet community and environmental needs that cannot be met through simple investments. The Underdog Foundation, which does not accept unsolicited applications, supports non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. doing important work in our communities through grant making, community investment, technical assistance, and strategic nonprofit/for-profit partnerships. They have special expertise in applying an array of innovative community investment models to provide effective capital to communities and organizations that have compelling needs but may have been excluded from access to capital. For more information, visit www.underdogventures.com. About AltruShare Securities Launched in 2006, AltruShare Securities, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is the first institutional brokerage firm specializing in community investment, and the only nonprofit owned brokerage firm. AltruShare combines comprehensive and competitive institutional brokerage services, a unique research product, an experienced management and trading staff. A for-profit venture, AltruShare[THORN]as profits support the AltruShare Opportunity Funds, which benefit locally based community programs addressing youth development, education, and economic opportunity. For more information, call 203-330-8100 or visit www.AltruShare.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion