○ Kraft Heinz must feed again 15 ○ Nafta’s five sticking points 32 ○ Tom Steyer, Mr. Impeachment 58

April 30, 2018

YouTube

YouTube’s Cleanup Plan 46 nights let P a new generation of executives compete—and collaborate By Mark Ellwood U THE Photograph by Stephen Lewis R POWER S OF PLAY U I T S 63

66 Behind the wheel of Lamborghini’s new SUV

68 Robert Stern, architec- tural conservative

70 The facial that came from outer space

71 Tools to spruce up your garden game

72 A philanthropist puts fnanciers’ anxiety to good use

April 30, 2018

Edited by Chris Rovzar

PROP STYLIST: KODY PANGBURN KODY STYLIST: PROP Businessweek.com OFF HOURS Bloomberg Pursuits April 30, 2018

he rattle of dice is syncopated but constant. regular gamer. “You would do it on the down-low. Now more A dozen or so men sit at diferent tables, each lit- people are doing it than I ever knew. In the fnance industry, tered with an elaborate assortment of board game you don’t have to play golf anymore—you can play games.” pieces—plastic fgures, cards, and tokens. A bowl flled He marvels at how wide-reaching his once-niche hobby is T with candy-colored dice sits on one table like a giant becoming. “My neighbor showed up the other day at a gam- assortment of the worst-ever M&M’s. ing event. He’s a doctor. I had no idea.” Although these guys are playing to win, there’s an One demographic that’s underrepresented is women. atmosphere of camaraderie more than combat—no money “The hobby as a whole is nowhere near parity, so it’s a is wagered—and they walk one another through each round, very male group,” Tracy says of his club. “But there are two thinking aloud and discussing strategies. No wonder, given women who come at least two or three times a year.” how complex many of the games are. “I could memorize the He pegs the gender divide to the hobby’s war-gaming her- Torah, or this,” says one man, laughing as he brandishes the itage, and Mindy Kyrkos, a corporate travel agent and avid brick of a rulebook for Advanced Squad Leader. gamer, agrees on its lingering impact. “Very often I’m the The group meets once a week in a gaming den in only woman at the table,” she says. “It’s not that women Manhattan’s Chelsea neighborhood. Every surface in the don’t enjoy confict, but not that type.” wood-paneled room is piled with bright boxes. They’re As with fraternal groups since time immemorial, this net- stacked precariously on the foor and windowsills and loaded work provides other advantages beyond the chance to unwind. onto shelves amid leather-bound books. The games display “When I was changing jobs, one of the best career decisions an array of styles: A Roman Empire-themed game is called I’ve ever made, it came directly through a gaming contact, Trajan; another one, Churchill, honors wartime politics; Star and I’ve certainly recommended people that way,” Tracy says. Wars: Rebellion lets you play on the side of the rebels or “And I’ve hired people I’d never have known without gaming.” the Empire. There’s even one based on ’s epic There are no formal statistics on the number of such groups, . but the trend has caught hold enough that some compa- When J.R. Tracy bought this loft several years ago, he nies have opted to include gameplay in their hiring process. carved it in two—one half became the family home, the other Recruiters for Pennsylvania-based Susquehanna International 64 a dedicated gaming lab. Tracy works in fnance, and most Group LLP stage game nights at colleges and universities to of his fellow gamers are fortysomething bankers or lawyers seek out potential hires, looking for the strategic thinking or executives in other highly paid, highly stressful felds. such a hobby engenders. SIG also hosts regular play evenings “These guys come from taking depositions all day in a suit for employees; multiple groups will play the same game, and tie. Then they look so happy to leave that all behind for stress-testing it to see if it leads to good team-building. a few hours,” Tracy says, sipping a beer. “We approach it the same way we approach trading,” says Tracy and his crew aren’t outliers: They’re part of a quiet Todd Simkin, a 20-year veteran of the company who co-heads network that’s more Snakes & Ladders than Skull & Bones, its education team. “We look for ways to play the game, where groups of mostly white white-collar types come the diferent nuances, and we stop and discuss strategies. together to decompress with dice. “I used to be this weird Then we have a debriefng afterwards.” A favorite, Avalon, freak, who had this odd hobby that I didn’t share with any- divides players into good and bad guys, then tasks them with one,” says fnancier Jim Doughan, another deducing who is on each side. SIG operates a standalone, CURRENT OBSESSIONS You may know Monopoly and Risk, but these newer favorites are heating up game nights

POWER GRID GLOOMHAVEN PANDEMIC TERRAFORMING CARCASSONNE In this German- Like Dungeons & Health experts work MARS This world-building designed game, Dragons without the together to stop the Aspiring Elon Musks game is often utility managers dice (or role-playing). global spread of a race together toward compared to , bid for power Players team up for disease, amassing a common goal. where the goal is to plants in an efort to battles in a shifting, cards that bestow Gameplay is backed populate a French dominate supply. puzzlelike storyline. unique abilities. by real science. countryside. OFF HOURS Bloomberg Pursuits April 30, 2018

company-run website, raiseyourgame.com, maintained by company Oath. “I’ve helped people network—like, ‘Hey, my employees who share their observations, tips, and theories niece wants an internship, do you know XYZ person?’ ” he on all kinds of gaming, from sports to board games to cards. says. “It’s like getting people into a cult.” It’s this type of collaboration that makes board games dif- Justin Carroll is a bankruptcy lawyer and fervent board ferent from the every-man-for-himself mentality of poker, gamer. The crowd at Carroll’s games is a mix of gay and says Benjamin Hofstein, who works on the tech side of straight and largely white. Most players didn’t know one fnance. He runs Compass, a scavenger hunt and puzzle another before showing up and were drawn by word-of- competition where “New York City is the game board.” mouth. Indeed, that’s how he met a lawyer who specializes Every year it attracts almost two dozen teams from Goldman in pro bono programs, who in turn helped Carroll begin a Sachs Group, Bridgewater Associates, Barclays, BlackRock, similar project at his own employer. JPMorgan Chase, and other companies to compete in live- Wall Street insiders have been monitoring the rise of action puzzles at various locations across the city—and raise board gaming as a low-pressure networking device, accord- money for charity along the way. ing to executive coach Roy Cohen. Winning in business is rarely a He says playing such games has solo endeavor, and Hofstein says become more popular in the his successful players have a group last three or four years. Gaming mindset. “You might work on a “IN THE FINANCE cabals can prove so useful, Cohen trading desk for a frm,” he says, actively encourages many clients “where you’re trying to get a team INDUSTRY, YOU DON’T to seek them out to get ahead. One of people to quote- unquote win.” Scrabble-loving fnancier ended up According to NPD Group Inc., joining a group after a chance con- U.S. sales of board games in 2017 HAVE TO PLAY GOLF versation in a cafe in East Hampton, were $1.1 billion, up 7 percent from N.Y., and later found work through the previous year. Travis Parker, its members. “It’s for obvious rea- who runs Game Crafter LLC, a cus- ANYMORE—YOU CAN sons,” Cohen says. “They can blow tom game business, estimates that off steam, decompress, and net- 65 more than 3,000 games are released work all at the same time.” annually. Their producers range PLAY GAMES” British journalist Tristan from big companies such as Hasbro Donovan, the author of It’s All a Inc. to individual creators using Game, which explores the history crowdsourcing platforms like Kickstarter. Crowdfunding has and enduring appeal of board games, suggests their cur- been crucial to the board game boom: In 2017, for instance, rent popularity derives from a newly time-pressed culture. Kickstarter saw 400 more successful campaigns for tabletop Those who might once have spent an entire Saturday golfng games than in the previous year, and revenue was up 30 per- together see an evening of board gaming as far more efcient. cent. Not all titles become household names—the jury’s still Networking at the table is also simpler than on the links: The out on Advanced Squad Leader, for sure—but some have structure of the evening makes conversation easier and erases become best-sellers: Pandemic, Carcassonne, and Ticket to the hierarchies of the 9 to 5. “You’re sitting around pieces of Ride, though none comes close to the sales of Catan (origi- cardboard, leaning in close, and it all feels a little more inti- nally known as Settlers of Catan), a game in which players mate,” Donovan says. Unlike poker, which relies on blufng trade commodities to build an empire on a fctional island. and concealing your true self, board games can act as inad- Launched in 1995, Catan has sold more than 20 million vertent personality tests. These nights can provide a preview copies worldwide. It drummed up new enthusiasm for board of how someone might behave as a colleague—those sore los- games in a world of Nintendo consoles and was therefore piv- ers at Catan are likely to throw the same tantrum when a deal otal in the emergence of networking groups such as Tracy’s. doesn’t go as planned. Reid Hofman of LinkedIn Corp. has called Catan “the board Of course, the surge in popularity of Catan and other game of entrepreneurship.” He’s described board games in games came hand in hand with the rise of nerd obsessions in general as a kind of of-duty MBA course that can exercise the general; video games, fantasy books such as the Harry Potter brain to think strategically. Hofman and Zynga Inc.’s Mark series, and flms based on comics have become so perva- Pincus were among the Silicon Valley execs who began making sive that geekery is no longer a subculture, it’s the culture. game nights popular among the tech set about a decade ago. Back at Tracy’s group, the conversation grows noisier as Not long after, East Coast legal and fnance types began the evening (and dice) rolls on, and wine glasses and beer playing the same way. Spencer Sloe is in a weekly game cans begin cluttering the few empty surfaces. “I like the tac- group in Brooklyn, N.Y., whose ringmaster is a health-care tile nature of it, the social aspect of it,” Tracy says, before lawyer. Ranged around the table are hedge funders and leaping into a Japanese history game called Rising Sun to wealth managers. Sloe himself is an executive with media help steer a clan leader from making a losing mistake. / A pit stop in Bracciano, Italy

66

A Supercar in SUV Clothing

Test-driving the Urus, Lamborghini’s bad boy of supermarkets and soccer practices By Hannah Elliott

“You must have a vision, or you have the Huracán and Aventador. At full pro- Aston Martin, Rolls-Royce, Ferrari, and nothing,” says Maurizio Reggiani, head duction, the SUV will almost double that Mercedes-Maybach are the last holdouts of R&D for Automobili Lamborghini number, strengthening Lamborghini’s in the segment, and all four have SUV SpA, who was in Rome in mid-April to position as VW moves to bundle some plans in the works. announce the brand’s latest SUV, the of its iconic brands into a new internal The $200,000 Urus certainly brings Urus, its frst since the “Rambo Lambo” product group called “Super-Premium.” the heat, with seven all-terrain drive LM002 was released in 1986. Although the Urus follows utility modes, seating for as many as fve, room- This vision, put simply, is to make vehicles from rivals such as Bentley, ier cargo space—and a zero-to-60 mph more money. The Volkswagen AG sub- Lamborghini is hoping sales will support sprint time of 3.6 seconds. Imagine sidiary needs to add afuent families, its less proftable models, much the way it as the love child of a Countach and millennials, and women to the ranks Porsche introduced the Cayenne SUV the LM002: a 4.0-liter V8 engine with of the power-hungry gentlemen driv- in 2002 and “saved” its 911 model from 641 horsepower and 627 pound-feet of ers it has historically attracted. Last extinction. Numbers don’t lie. Sales torque, the most of any SUV today. Top year, Lamborghini sold fewer than of all luxury SUVs were up more than speed is 189 mph.

3,900 units worldwide of its two models, 20 percent in March from a year earlier. Racing around a track in Italy, the BUSINESSWEEK BLOOMBERG FOR CIAMEI FEDERICO PHOTOGRAPHS: CRITIC Bloomberg Pursuits April 30, 2018

Urus grips each corner in an iron fst; it barrels down the straights with an inten- sity previously reserved for supercars. You can feel the rear wheels adjusting as you slide out of each corner; braking comes hard and fast. And yes, the guttural roar of the Urus will more than adequately announce your status as the enfant terrible of gro- cery runs and school pickups. Interiors are smooth enough to balance the raw power, with a foot-long touchscreen and optional sunroof—plus, you can fnally see out the back, although there are some blind spots directly over your shoulder. It’s telling that 68 percent of preorders are to “conquest buyers,” or those who don’t yet own a Lamborghini. Test-driven on sandy and rocky dirt roads—what you may fnd on a remote country estate—it handles like any other top SUV thanks to all-wheel drive, four- wheel steering, and torque vectoring, even if each clunk or potential scratch wracks your nerves. Unlike a typical Lambo, it has some clearance, as much 67 as 9.8 inches. But even with adaptive air suspension, the Urus is among the lowest-riding SUVs available. Then again, taking this brawny auto of-road isn’t the idea. You buy this car, or a Bentley Bentayga or Mercedes AMG G Wagon, to access all the power and performance of a sto- ried, respected brand in a rig that sits high on the road and is big enough to ft friends and children and, yes, even baggage for road trips, particularly if the seats are down. There are even four cup holders—a miracle! Compared to the $460,000 Aventador, the Urus is the best way to get a lot of Lamborghini for your money. Initial interest is on track, accord- ing to Stefano Domenicali, chief execu- tive ofcer of Lamborghini. The Urus is sold out for two years following its June debut, and 18 percent of those on order are to be painted the company’s tradi- tional screaming yellow hue. A hybrid version is on the way. It’s all coalescing into a rather clear message from Lamborghini that’s echo- ing across the pastures of northern Italy: Ferrari, your move. / REAL ESTATE Bloomberg Pursuits April 30, 2018

Looks Prewar, Is Postwar. Looks Like a Co-Op, Is a Condo

Clones of 15 Central Park West, all designed by the same architect, are taking over Manhattan. By James Tarmy

Robert Stern, the former dean of the Yale Unlike the 100-year-old buildings that “Fifteen Central Park West changed School of Architecture, has designed line much of Fifth Avenue and Central real estate,” says Donna Olshan, pres- dozens of buildings in widely varied Park West, 15 CPW is relatively new, ident of Olshan Realty Inc. and pub- styles across New York City. But then he which means everything works. The lisher of the Olshan Luxury Market designed 15 Central Park West, a soaring apartments are confgured for a modern Report. “All of a sudden it became limestone condominium built in 2008 in family (large kitchen, fewer bedrooms, extremely cool and elitist to live in that a faux-prewar style. Ever since, develop- expansive living areas) rather than, say, building, and it set the tone for condo- ers have mostly wanted one thing from a household that relied on multiple miniums that came after.” 68 him: more of the same. It may seem odd to try to It’s understandable. Before build an exact copy of 15 CPW, it was even completed, 15 CPW albeit smaller or at a less broke New York records. In prestigious address. But “it 2007, Sanford Weill, then chair- was seen as a successful tem- man of Citigroup Inc., set a plate,” says Jonathan Miller, city record by paying more president and chief execu- than $6,400 a square foot for tive ofcer of Miller Samuel his $43.7 million penthouse. Inc., a real estate appraiser Celebrities, including Alex and consultant. “Why on Rodriguez, Robert De Niro, Earth would 220 Central Park and Sting, flled its halls. In the South use the same architect initial frenzy, apartments were as a building that’s a quarter- being fipped just months after mile away facing the park? they were bought. During the Because it sold.” fnancial crisis, when the rest And Miller says Manhattan of the real estate market foun- isn’t even close to saturated dered, the building became with Stern condos. Unlike its own overheated market. In buildings by other starchi- 2010, Min Kao, the executive tects such as Frank Gehry A rendering of the entrance hall of 520 Park Ave., which is covered chairman of Garmin Corp., or Jean Nouvel, which are in stately walnut and French marble paneling paid almost $10,000 per square often meant to stand out foot via an LLC for his 41st-foor condo. live-in staf members. And most import- with striking designs, 15 CPW and its ilk There are now fve similar Robert ant, it’s a condominium, which means are meant to blend in. And that’s why A.M. Stern Architects projects under that if a buyer has the cash, she can Stern is building more of them than his construction in Manhattan. Developers move right in—New York co-ops have peers. “The genre of [star chitecture] is hope each will have the specifc appeal notoriously restrictive boards known defned by creating something unique,” that became 15 CPW’s hallmark: all the to reject celebrities and foreign buyers. he says. “The multiple versions of graciousness and convenience of a pre- And unlike many co-ops, residents of 15 Central Park West are a conserva-

war co-op without any of the hassle. 15 CPW can rent out their apartments. tive version of something new.” / LLC DEVELOPMENT ZECKENDORF 15 Central Park West

REAL ESTATE Bloomberg Pursuits April 30, 2018

20 EAST END AVE. and catering. The cheapest apartment, according to StreetEasy, is a two-bedroom Location: The far eastern reaches of the unit on the 53rd floor that costs $4.4 million. Upper East Side, with river views for some The most expensive, excluding the apartments. penthouses, is a 19-room, 8,100-sq.-ft. Neighboring buildings: Mostly postwar apartment on 74 that’s asking $26.2 million. co-ops. Average price per square foot: $3,330 The story: Thirty-four of the original 41 units have sold. That includes a couple 520 PARK AVE. of units that were purchased and flipped. The building already has residents and an Location: Technically the Upper East Side, active buyer pool, with demand consistently but on the border of Midtown East, an area matching availability. The most expensive dominated by massive ofices and banks. unit, aside from the penthouses, is an Neighboring buildings: It’s a few blocks 11th-floor, five-bedroom apartment with south of the traditional limestone beauties almost 5,000 square feet, which is listed that crowd most of Park Avenue. On the for $15.5 million. flip side, residents are only half a block Average price per square foot: $2,860 520 Park Ave. from Barneys New York. The story: There are currently two active 250 W. 81ST ST. listings and 10 past listings, not including the penthouses, according to StreetEasy. Location: The heart of the Upper West Side, Every apartment takes up an entire nestled among reliable restaurants and floor, ofering 360-degree views of the shops. city. Because none have closed, the only Neighboring buildings: To the west of information available is the asking price, Broadway, you’ll find endless rows of which means that true prices could be gracious brick co-ops along either side below what’s listed. The two active listings of West End Avenue. To the east are on the 19th and 32nd floors, respectively, townhouses and, a few blocks over, the range in price from $4,443 a square foot to 69 co-ops of Central Park West. $6,838 a square foot. The story: 250 W. 81st has 25 active Average price per square foot, taken with listings, 20 of them in contract. The a grain of salt: $5,144 apartments are fairly manageable in size, ranging from 1,571 sq. ft. to 3,836 sq. ft., and 220 CENTRAL PARK SOUTH relatively afordable: A two-bedroom on the fifth floor costs $3.9 million; at the top end, Location: Just north of Billionaires’ Row, a five-bedroom on 16 goes for $14.8 million. this does its peers on 57th Street one The price per square foot is a bargain, too. better by being directly on Central Park “They didn’t try to kill everybody with the South. Carnegie Hall, should you want it, is price,” Olshan says. “They built the right mix a short walk away. of product, and it moved.” Neighboring buildings: It’s in expensive Average price per square foot of all company, standing side by side with some 250 W. 81st St. active/in-contract listings: $2,891 of the world’s priciest residential real estate. The story: We don’t know much, to be 30 PARK PLACE honest. Given that 220 Central Park South isn’t releasing sales information, Location: Straddling the edge of Tribeca there are no active or past listings on and the Financial District, the building StreetEasy, and the website lists zero went up in one of the wealthiest ZIP codes availability. However, there’s one indication in the U.S. that easily puts it at the top of the pack: Neighboring buildings: There’s a Vornado Realty Trust CEO Steven Roth, the combination of ofice buildings, lofts, and building’s developer, is on record saying it super-high-end luxury condominiums. The will cost more than $5,000 a square foot newly converted-to-residential Woolworth to build. Developers, as a rule, aren’t in the Building, with its $110 million penthouse, is business of losing money—so the average next door. price per square foot here should easily The story: The building contains a Four soar above those of its peers. Seasons Hotel and an afiliated set of Average price per square foot: Well apartments. The 157 residential units occupy above $5,000 its upper floors and ofer access to all of the Four Seasons’ amenities, including a Data exclude penthouses, which can

FROMTOP:SANDRA BAKER/ALAMY STOCKPHOTO;ZECKENDORF DEVELOPMENT LLC;WILLIAMS NEWARCHITECTS YORK, STERN A.M. ROBERT BY DESIGN 75-foot pool, double-height gym, spa, salon, throw of average prices. WELLNESS Bloomberg Pursuits April 30, 2018

light. Devotees swear that they are an electrical fountain of youth. “While it’s hard to imagine that these devices work, there is real science backing it up,” says independent beauty chem- ist David Pollock. He explains that NASA frst harnessed the power of LEDs to grow plants on the space shuttle in zero gravity. The light encourages cells to produce more of the chemical adenosine triphosphate, or ATP, which fuels healthy growth and functioning; fbroblast cells, for exam- ple, will become better at producing collagen with more ATP. When the scientists tried red light on astronauts, their wounds healed faster, too—again, thanks to higher levels of ATP. Further research showed the various positive efects of infrared light, as well as visible red and blue light, on bio- matter, and thus the science of LLLT was born. Advocates say the masks can help minimize wrinkles (red light) or treat acne (blue light), with diferent color combi- nations depending on one’s goals. For high-end spas rapidly embracing the technology, the masks have an even better feature: No invasive procedures or injections are necessary. But you don’t have to visit a salon to try the therapy. For $2,300 you can own the same mask celebrity estheticians use: Opera, from Korean skin-care frm Déesse, ofers eight treatment modes and fve wavelengths in diferent colors that aim to address skin troubles including rosacea and fne 70 lines. California-based wellness provider BioPhotas Inc. pro- duces a range of devices under the Celluma brand. Rather than a hockeylike mask, it sells a fexible panel, equipped with Panasonic LEDs, that can be used anywhere on the body—handy when you need to treat wrinkly décolletage or an acne-prone back. Celluma Pro, one of its pricier models, costs $1,595. If it’s laughter lines that have you frowning, just try the SpectraLite Eyecare Pro ($159), a visor from Dr. Dennis The Gross. Neutrogena’s acne-busting light-therapy mask is only $34.99, but it requires monthly reflls of its portable battery pack for ongoing treatment, each costing $14.99. Space Facial Most manufacturers advise using an LLLT mask on clean skin for 30 minutes daily or every few days; it will take about a month of treatment to see full results. Wearing these masks LED masks are NASA-tested skin feels like staring at the sun, with your eyes closed, on the boosters that don’t require needles beach; it’s slightly warm, too, but not unpleasantly so. By Mark Ellwood (There’s no risk to sight, since the light isn’t a laser; none- theless, it’s best to wear a sunbed-style eyeguard.) Thirty minutes under a Celluma Pro doesn’t bestow an instant glow You may have seen them on Instagram: featureless, eerie to the skin, but a day later, it may seem a little frmer. white masks glowing brightly in selfes by Jessica Alba, Kate Not all beauty insiders are convinced. Christine Chin, a Hudson, Chrissy Teigen, or even soccer player Paul Pogba. Manhattan-based expert in microdermabrasion, laser pig- In photographs, these LED beauty masks can make even mentation erasure, and other treatments, prefers the instant these attractive specimens of humanity look like Hannibal impact of an intense pulsed light (IPL) treatment. The big- Lecter from The Silence of the Lambs. gest problem with masks, she argues, is the commitment. The strange device dispenses the latest cutting-edge “For half an hour every day? Be honest—would you do it?” anti-aging regimen: LLLT, or low-level light therapy. The she asks. “Lemme tell you, it’s hard enough to get people masks are studded with light-emitting diodes that pulse or to wash their face. It’s like exercising at home. If you don’t

fash in preprogrammed patterns of red, blue, and infrared have a trainer, it’s always tomorrow.” ! IMAGES GETTY FACES: GILES, BEN BY ILLUSTRATION THE ONE Bloomberg Pursuits April 30, 2018

THE COMPETITION For a more rustic perfectly adequate. look, try the hand- The rubber-handled A Pretty forged $174 Heirloom trowel, rake, and garden tool set from hoe are all made of Fisher Blacksmithing, powder-coated steel. based in Bozeman, Piece of Mont. It combines THE BOTTOM LINE reclaimed materials You can certainly with hand-turned move dirt for less Work black walnut handles. money; cleaning Of course, something planter beds with like the $12 G&F these Sneeboer garden tool set tools can feel a bit Don’t be tempted to keep these from Home Depot is like using a Ferrari Sneeboer garden tools clean for a milk run. But they’re built to be Photograph by Jessica Pettway used. That they work beautifully is a bonus. $760; sneeboer.com Dutch company Sneeboer & Zn. has been making garden tools since 1913, but only recently has it added an element of luxury to an otherwise dirty job. The company’s walnut-handled titanium tools—this $760 set includes a transplanting trowel, hand fork, and hand hoe—are as much as 30 percent lighter than typical cast-aluminum versions and much stronger. But you’re not spending that 71 much for practicality: These tools look so good, they’ll compete with your flowers for attention.

w The company spent three years testing seven grades of titanium PROP STYLIST: KODY PANGBURN KODY STYLIST: PROP 72

ILLUSTRATION BY SAM KERR Advisors.) For Adara consultants, including including consultants, Adara For Advisors.) a runs also small (Exel league. football national some high- of $2 companies in Australia and New Zealand, with earned has while Adara gets a steady source of income. get The consultants bene the waystarted back in f hundred percent of the advisory fees paid by Adara’s clients Bank who their time on a pro contribute One- bonobasis. day jobs at the likes of Goldman Sachs, UBS, and Deutsche in New South Wales, Australia, it’s sta italizesonthat anxiety. Called Adara Partnersand based of great integrity—had huge concerns about that.” great bankers and a former lawyer and banking executive in Sydney. “Many beenseen to bathe itself in dishonor,” says Audette Exel, “Financial services, particularly post the global crisis, had CHANGER GAME ow into Adara Development, Exel’s charity, which she Exel’swhich charity, Development, Adara into ow . 2018 8 Exel operates an unusual consulting company that cap that company consulting unusual an operates Exel Since its founding in mid-

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Uganda’s 2015 remote villages outside Kathmandu when the devastating in clinics and schools building alreadywas organization that tend to be ignored by larger charities, Exel says. The communities in concentrated been have far so projects keepto me myand straight back ing a charity. “The investment banking community taught with them and not against them,” he says. negotiatingbe experienceto anquite is “It competitors. former with side by side work to chance the including o work the Australia, Sachs formerlyGoldmanGrahamGoldsmith, chairmanof vice Exel’s dealmaking experience proved crucial to manag to crucial proved experience Exel’sdealmaking

earthquake struck Nepal, and it added reconstruction ter ter place.” bet a world the making to and economy the to good,” she says. “But these skills are important just weighing has helped improve the survival rate of infants ects. In Uganda, one of Adara’s neonatal clinics and infrastructure development to its list of proj a sector that has not showcased its skills for for skills its showcased not has that sector a “It’s Street. Wall on model banking-for-good xl oe t rpiae e investment- her replicate to hopes Exel By By Laura Colby 27

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Bloomberg Businessweek (USPS 080 900) April 30, 2018 (ISSN 0007-7135) H Issue no. 4567 Published weekly, except one week in January, February, April, June, July, September, and December, by Bloomberg L.P. Periodicals postage paid at New York, N.Y., and at additional mailing offices. Executive, Editorial, Circulation, and Advertising Offices: Bloomberg Businessweek, 731 Lexington Avenue, New York, NY 10022. POSTMASTER: Send address changes to Bloomberg Businessweek, P.O. Box 37528, Boone, IA 50037-0528. Canada Post Publication Mail Agreement Number 41989020. Return undeliverable Canadian addresses to DHL Global Mail, 355 Admiral Blvd., Unit4, Mississauga, ON L5T 2N1. E-mail: [email protected]. QST#1008327064. Registered for GST as Bloomberg L.P. GST #12829 9898 RT0001. Copyright 2018 Bloomberg L.P. All rights reserved. Title registered in the U.S. Patent Office. Single Copy Sales: Call 800 298-9867 or e-mail: [email protected]. Educational Permissions: Copyright Clearance Center at [email protected]. Printed in the U.S.A. CPPAP NUMBER 0414N68830