A lavish annual hedge fund charity gala dinner in London has been called off this year.
Hedge fund correspondent Sam Jones at the Financial Times reports that the ARK Gala Dinner, a $15,500-per-ticket event attended by financiers, celebrities and royalty, will not be happening.
It seems some felt the ostentatious event was out of step with the current economic conditions.
"It was all getting to feel a little bit 1788 and all that," said a person connected with Ark, in a comparison of the gala to the court of Louis XVI on the eve of the French Revolution.
The annual dinner raised funds for ARK (Absolute Return for Kids), a charity co-founded founded by London-based French hedge fund manager Arpad Busson.
Guests at past dinners have included the Duke and Duchess of Cambridge, Madonna, Bill Clinton, Pierre Lagrange (co-founder of GLG Partners), Louis Bacon (Moore Capital) and Kevin Spacey, according to Dealbook's Julia Wedingier.
It's unclear if there will ever be more annual ARK gala dinners in the future.
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