CHICAGO _ Ken Griffin and some his partners at hedge fund Citadel and Citadel Securities have contributed $7.5 million to relief efforts China's central Hubei province, hardest hit by the escalating coronavirus.
A portion of the funds will go toward supporting two China-based humanitarian aid organizations, the Hubei Charity Federation and the China Charity Federation, and providing assistance to families displaced by coronavirus. Another $1 million has been spent on medical supplies, including face masks, gowns and sanitizers that are en route to China from the United Kingdom.
The company said funds also are being devoted to expediting the development of a vaccine, but spokeswoman Megan Ingersoll declined to provide the name of the company that will receive the funding.
Citadel's relief effort is led by Griffin, Citadel founder and CEO and Illinois' richest person, and Peng Zhao, Citadel Securities CEO and a native of China.
Ingersoll said company partners used their connections in Europe to source "essential items" that were difficult to obtain. They then worked with humanitarian organizations on the ground to begin coordinating the delivery of the supplies to the affected areas.
"We have the resources and the wherewithal to mobilize quickly, but also because we have experience doing so in the past and are a global organization," she said.
