Pequot donates gains after attacks

It has been reported that Pequot Capital Management donated gains made when the US market reopened after the terrorist attacks on 11 September to charity.

In a letter to investors, fund manager and founder of Pequot Capital, Dan Benton, said: 'We are in the ironic position, through no fault or strategy of our own, to benefit financially should the market get hit hard when it reopens tomorrow.'

However he reassured them that Pequot, 'will look for avenues to help the families of the heroes and victims of yesterday's devastation'.

Pequot is estimated to have made $700m after the markets reopened and Benton and other fund manages are donating the profits made from their own investment in the funds and their performance fees to aid victims of the attacks.