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Young Wall Street Bankers Flex Their Philanthropic Muscles

Some Wall Streeters aren’t waiting for retirement to found charities
Andrew Klaber
Andrew KlaberPhotograph courtesy Andrew Klaber via Bloomberg

The founders of the Resolution Project don’t dwell on generosity or charity when they describe their nonprofit’s mission to provide funds and guidance to young social entrepreneurs. They use the language of finance. “We get good yield,” says Andrew Harris, 31, who works as an adviser to private equity firms at Forum Capital Partners in New York. Resolution “is an allocator,” says another co-founder, Oliver Libby, 32, a managing director at Hatzimemos Partners, a strategic advisory firm. “In a sense, we’re angel investors.”

Harris and Libby are part of a wave of young bankers helping orphans, immigrants, veterans, and students while continuing to work on Wall Street. They say they’re moved to mend the world using capitalism’s wisdom, preaching the power of dividends, due diligence, leverage, and efficient allocation of resources. “Among this generation—our generation—is a deep passion and interest in learning, earning, and returning simultaneously,” says Andrew Klaber, 32, an analyst at hedge fund Paulson & Co. whose nonprofit Even Ground provides education and care to African children affected by AIDS. “You just see an unmet need in your research, and research is what we do on Wall Street.” Even Ground, which got early funding from Goldman Sachs, has given out more than $800,000, according to Internal Revenue Service filings.