FILE PHOTO: Two-time U.S. Open champion Andre Agassi waves before being inducted into the U.S. Open Court of Champions, which celebrates the legacy of the greatest singles champions in the history of the tournament, in New York September 9, 2012. REUTERS/Kevin Lamarque
NEW YORK(Reuters) - Giving back to their communities has always been a challenge for pro athletes who get rich quick, because they tend to lose the money even more quickly. But even those who manage to build a substantial amount of wealth have a hard time using it charitably in a way that truly has a long-term impact.
Some celebrity athletes are turning to "impact investing," a growing niche of do-gooder strategies that aim to put money toward charitable causes but that would otherwise lack support. Fund managers, of course, also aim to generate income in the process.
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