By Danielle Beurteaux
As so often happens with new parents, Cliff Asness got to thinking about what kind of world he wanted his children to live in after the arrival six years ago of his first set of twins. That world, Asness decided, was one where people helped others who were not as fortunate as they were. "You realize how lucky your kids are," he says.
Asness and wife Laurel wanted their children to see their parents' commitment—emotional and financial—to making a difference. "We wanted to raise our kids in an environment where there's a culture of doing things like this," he says. That was when close friend and...