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Read Publication px philanthropy HDS cover:px philanthropy HDS cover 7/1/08 15:23 Page 1 London is the financial capital of the world, home to extraordinary wealth and skills. There are a growing number of ventures in which these skills are being used in imaginative ways to create and distribute philanthropic wealth. But they are few relative to the social and financial capital available. If the impetus created by these ventures is properly harnessed, it Give and let give could drive the development of a philanthropic capital market as vibrant and diverse as the financial markets they have sprung from. The development of a philanthropic culture within the financial services industry could lead to a more generous and creative national culture of philanthropy in Britain. Give and let give This report assesses current attitudes to philanthropy amongst high net worth individuals in the financial sector, as well as examining some of the philanthropic initiatives that have emerged from the City. We consider the experiences of those Building a culture of philanthropy who have successfully connected the worlds of finance and in the financial services industry philanthropy, in order to see what lessons can be learned to help build a wider philanthropic culture in the industry. We look at the range of individual motivations for getting started in Rob John, Rhodri Davies and Louisa Mitchell philanthropy as well as the means for giving and the methods employed to achieve philanthropic aims. Achieving a cultural shift is an enormous task. In order to engage more financial services professionals in philanthropy, opportunities for emotional encounters must be created and barriers to giving must be broken down. This report proposes a package of practical recommendations for change, as well as considering examples of enlightened City professionals who have already taken up the challenge. Rob John, Rhodri Davies and Louisa Mitchell £10.00 ISBN: 978-1-906097-13-4 Policy Exchange Policy Exchange Clutha House 10 Storey’s Gate London SW1P 3AY www.policyexchange.org.uk Policy Exchange is an independent think tank whose mission is to develop and promote new policy ideas which will foster a free society based on strong communities, personal freedom, limited government, national self-confidence and an enterprise culture. Registered charity no: 1096300. Policy Exchange is committed to an evidence-based approach to policy development. We work in partnership with aca- demics and other experts and commission major studies involving thorough empirical research of alternative policy out- comes. We believe that the policy experience of other countries offers important lessons for government in the UK. We also believe that government has much to learn from business and the voluntary sector. Trustees px philanthropy HDS copy:px philanthropy HDS 8/1/08 17:46 Page 2 About the authors Dr Rob John is an independent consultant to start a DPhil in the Philosophy of specialising in philanthropy and social Mathematics, but decided after a year that entrepreneurship, and a Visiting Fellow at his long-term interests lay elsewhere. He the Skoll Centre for Social worked for a year as a researcher at a high- Entrepreneurship at the University of end executive search firm before joining Oxford’s Saïd Business School. He is also Policy Exchange in June 2007. Advisor to the European Venture Philanthropy Association, a philanthropic Louisa Mitchell is a Research Director at initiative originating from the European Policy Exchange with responsibility for fami- venture capital and private equity commu- ly and society. She read Chinese at nity. Following a career spanning 15 years Cambridge University and after graduating in international development, including in 1994, joined the corporate finance depart- refugee assistance and microfinance, Rob ment at Schroders. She spent eight years directed an Oxford-based venture philan- working as an investment banker in Hong thropy fund before becoming freelance in Kong and New York, latterly for Goldman 2004. Rob is a Fellow of the RSA. Sachs. She then consulted for the private sec- tor arm of the World Bank in Hong Kong Rhodri Davies is a Research Fellow at and became Director of ASrIA, the Policy Exchange working on philanthropy. Association for Sustainable and Responsible He graduated from Oxford University in Investment in Asia. She moved to London in 2004 with a first class degree in 2003 and joined The Whitley Fund for Mathematics and Philosophy then spent a Nature as Director. In 2006 she spent several year working in financial services in months writing for the Financial Times and London. He returned to Oxford in 2005 then joined Policy Exchange. © Policy Exchange 2007 Published by Policy Exchange, Clutha House, 10 Storey’s Gate, London SW1P 3AY www.policyexchange.org.uk ISBN: 978-1-906097-13-4 Printed by Heron, Dawson and Sawyer Designed by SoapBox, www.soapboxcommunications.co.uk 2 px philanthropy HDS copy:px philanthropy HDS 8/1/08 17:46 Page 3 Contents Acknowledgements 4 Foreword by Damon Buffini 7 Foreword by Lord Joffe of Liddington CBE 8 1. Executive Summary 9 2. Motivation 17 3. Means 38 4. Methods 62 5. Conclusions and recommendations 94 Bibliography 101 Appendix 1: Where to go from here . 105 Appendix 2: Detailed schedule of recommendations 107 Appendix 3: Methodology 114 Appendix 4: Glossary 116 Appendix 5: Technical comparison of US and UK means and methods 119 Case Studies Chris Mathias (18) Lord Griffiths of Fforestfach (20) Sir Tom Hunter (23) Nicola Horlick (25) Tom Hughes-Hallett (27) Man Group Plc (31) Jim O’Neill (33) Execution (35) The Children’s Investment Fund Foundation (CIFF) (40) Absolute Return for Kids (ARK) (42) The Private Equity Foundation (PEF) (44) ICAP (45) Share and Share Alike (53) Vernon Ellis (58) Michael Hintze (66) Sir Peter Lampl/The Sutton Trust (68) Prism (70) New Philanthropy Capital (NPC) (74) Pilotlight (76) The Kilfinan Group (78) Breakthrough (CAN/Permira) (82) Venturesome (84) Bridges Ventures (86) The Ethical Property Company (EPC) (88) Investing For Good (89) David Blood/Generation Investment Management (91) www.policyexchange.org.uk • 3 px philanthropy HDS copy:px philanthropy HDS 8/1/08 17:46 Page 4 Acknowledgements The authors wish to thank the following for their help and support: Interviews Alexander Hoare, Managing Partner, C. Hoare & Co Andrea Sullivan, Head of Philanthropy, Arts & Culture EMEA Lehman Bros Anna Josse, Co-Founder, Prism Benoit Vauchy, Principal, Permira Caroline Mason, Co-Founder, Investing For Good Cathy Pharaoh, Director, Third Sector Prospect Charles Middleton, CEO, Triodos Bank Chris Mathias, Chairman, Arbor Ventures Damon Buffini, Chairman, Permira David Blood, Managing Partner, Generation Investment Management David Verey, UK Chairman, Blackstone Dr Diana Leat, Director, Creative Philanthropy, Carnegie Trust E. Scott Mead, Chairman of Global Technology & Telecoms Board, Apax Partners Emma Turner, Charitable Services Manager, Goldman Sachs Fiona Halton, CEO, Pilotlight Harvey McGrath, Former Chairman, Man Group Plc Hugh Sloane, Founder, Sloane Robinson James Blackburn, Head of Strategy & Chairman of Execution Charitable Trust, Execution Ltd James Tooley, President, Education Program, Orient Global Jamie Cooper-Hohn, CEO, Children’s Investment Fund Foundation Jamie McAuliffe, Portfolio Manager, The Edna McConnell Clark Foundation Jim O'Neill, Chief Economist, Goldman Sachs John Nash, Chairman, Future Jon Moulton, Managing Partner, Alchemy Partners Lord Griffiths of Fforestfach, Vice Chairman, International, Goldman Sachs Ludwig Forrest, Philanthropy Advisor, King Badouin III Foundation Mark Evans, Head of Strategic Philanthropy & Family Business, Coutts Michael Fallon, M.P, for Sevenoaks, Conservative Party Michael Hintze, Managing Partner, CQS Michael Spencer, CEO, ICAP Plc Michele Giddens, Director, Bridges Community Ventures 4 px philanthropy HDS copy:px philanthropy HDS 8/1/08 17:46 Page 5 Acknowledgements Nick Ferguson, Chairman, SVG Capital Nick Finegold, Chairman & CEO, Execution Ltd Nicola Horlick, CEO, Bramdean Asset Management Olga Alexeeva, Head of Global Trustees, CAF Paul Bernstein, MD, ARK Paul Molloy, MD, Compton Fundraising Consultants Richard Bernstein, CEO, Eurovestech Plc Roger Orf, Head of European Property Investments, Citigroup Ruth Jones, Executive Director, Social Venture Partners International Shaks Ghosh, CEO, The Private Equity Foundation Sir Adam Ridley, Chairman of Trustees, Equitas Sir Peter Lampl, Founder, Sutton Trust Sir Tom Hunter, Chairman, West Coast Capital Stanley Fink, Deputy Chairman, Man Group Plc Stephen Dawson, Chairman, Impetus Trust Stephen Hammersley, CEO, The Community Foundation Network Steve Beck, CEO, Geneva Global Sue Wixley, Head of Marketing, New Philanthropy Capital Tarek Ben Halim, Former Partner, Goldman Sachs (Founder, Alfanar) Theresa Lloyd, Author of ‘Why Rich People Give’ and Advisor on Philanthropy to Individuals and Institutions Thomas Hughes-Hallett, CEO, Marie Curie Cancer Care Tris Lumley, Senior Research Analyst, New Philanthropy Capital Vernon Ellis, International Chairman, Accenture Victoria Hornby, Executive, Sainsburys Family Charitable Trusts Vincent Neate, Partner (Audit)/ PE expert, KPMG Guidance Beth Breeze, Researcher, University of Kent Clare Maurice, Partner, Allen & Overy David Carrington, Consultant David Charters, Co-founder of the Beacon Fellowship Charitable Trust, Author and Partner in Partner Capital LL Dudley Fishburn, Director, HSBC Bank Plc Fiona Rawes, Director, Heart of the City
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